Advertisement
AD

Main navigation

Glassnode Shows Four Bitcoin (BTC) Support Levels You Shouldn't Miss

Advertisement
Thu, 25/05/2023 - 10:35
Glassnode Shows Four Bitcoin (BTC) Support Levels You Shouldn't Miss
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bitcoin's price has been under significant pressure, but Glassnode, a prominent blockchain analytics firm, suggests that there are four major support levels that Bitcoin traders should not overlook.

Advertisement

According to Glassnode, the Bitcoin spot price is slightly above its 111-day moving average (DMA) and its 200-week moving average (WMA), providing a support area for the cryptocurrency. This places the first two levels at around $26.2K. These lines act as price floors, where buying pressure might be strong enough to halt or even reverse the recent downtrend.

However, in case of a volatile drop below these levels, the analysts point out a confluence of the 365 DMA and the 200 DMA as another critical support zone. This range, between $22.3K and $22.6K, could be a crucial battleground for bulls and bears, should the price drop to these levels.

As such, these are the four significant support levels identified by Glassnode: the 111 DMA is at $26,200, the 200 WMA is at $26,200, the 365 DMA is at $22,300 and the 200 DMA is at $22,600.

Related
OKX Opens up Cardano (ADA) Trading for Hong Kong Individuals

At the moment, Bitcoin's price is fluctuating between the 50- and 200-day exponential moving averages (EMAs). The trading volume has been on a downward trend, which might suggest a decrease in trader activity or interest. Concurrently, the Relative Strength Index (RSI) is at a low. This could suggest that the bearish momentum is slowly waning, potentially paving the way for a bullish rally.

These support levels provide a framework for understanding potential price movements, and traders and investors should incorporate them into a broader analysis and risk management strategy, instead of relying on them exclusively.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD