- Bitcoin has approached the 0.85 base value level, which historically determines the future trend, Glassnode said.
- If the level is held, a rally is possible, a loss is a signal for a decline to $98,000.
The bitcoin price has tested the 0.85 base value level again, which is now around $109,000. This is one of the key indicators of the model of price behavior of the first cryptocurrency, said experts Glassnode.
https://twitter.com/glassnode/status/1984232540702752768
According to them, historically, holding this mark opened the way to growth. At the same time, its loss often preceded a decline to the 0.75 zone, which corresponds to about $98,000. Thus, the current dynamics may become a starting point for the formation of a new medium-term trend.
Santiment experts noted Ethereum’s decline to $3700 and signs of panic among traders. They added that over the past two months, fundings (funding rate) determined the short-term price movements of Ethereum.
Recall, earlier in Glassnode said that traders go into defense mode after the fall of bitcoin.
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