Bitcoin (BTC) has been hovering around the $80,000 mark in recent days following a series of sharp declines. However, financial analysts warn of potential risks if this level is breached.
Current Market Situation
Despite finding temporary support at $80,000, concerns about further declines remain. The market shows weakness, and investors are worried about possible fluctuations.
Glassnode Analysis
According to Glassnode's analysis, a drop below $80,000 could deepen the correction to $70,000. There is noted weakness between $70,000 and $80,000, with major support at $70,000.
Possible Consequences
With additional selling pressure due to a lack of supply, a correction towards $70,000 is possible. Approximately 20% of the overall BTC supply is currently off the market.
Recent events have increased uncertainty in the cryptocurrency market. Top analysts urge traders to exercise caution and watch the current levels.
