In a recent analysis, Glassnode has raised concerns about Bitcoin's potential for a lengthy phase of sideways trading, attributing this to its delicate on-chain dynamics. The source notes that as the cryptocurrency hovers between critical price levels, market participants are closely monitoring its movements.
Bitcoin Price Fluctuations
Currently, Bitcoin is fluctuating between $81,100 and $98,400, with notable selling pressure surfacing around the upper threshold of $98,400.
Market Analysis
Glassnode's report indicates that if Bitcoin fails to reclaim essential support levels, it may face a prolonged period of consolidation reminiscent of the trends observed in 2022.
Investor Advisory
Investors are advised to remain vigilant as the market navigates these uncertain conditions.
Recently, concerns about Bitcoin's market dynamics have emerged, paralleling discussions at the World Economic Forum where Ray Dalio addressed central bank pressures. For more insights, see details here.
