Analysts: Bitcoin Retests Key Support as Ethereum Traders Show Signs of Panic

• 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.

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.