Glassnode: Bitcoin Price is Testing Critical Levels

Bitcoin has been exhibiting a performance that arouses curiosity among investors recently. According to the latest report from the on-chain analysis platform Glassnode, Bitcoin (BTC) is currently trapped below a critical cost level due to long-term investor sales and weakening demand.

The report emphasizes that it has become challenging for Bitcoin to surpass the short-term investor cost base of approximately $113,000. Staying below this level indicates a lack of demand in the markets and selling pressure from long-term investors. Particularly in recent months, long-term investors have realized the highest profit-taking since July, selling an average of 104,000 Bitcoin.

Exchange data flows are another noteworthy aspect. According to data obtained the previous day, the daily volume transferred to exchanges has reached $293 million. This situation indicates that the current market is struggling to absorb new demand and that the Bitcoin price continues to remain weak. Investors should closely monitor the impact of the high sales volume on price dynamics in the exchanges.

Although volatility indicators seem to have stabilized in recent weeks, Glassnode highlights that this calmness is fragile. Any hawkish statements coming from the upcoming Federal Reserve meeting could trigger sharp movements in the markets once again. Analysts point out that if long-term investors do not resume accumulation, any potential recovery in Bitcoin price will likely be limited.

In light of all these developments, the critical points that investors need to pay attention to are quite clear. Keeping the Bitcoin price above the $113,000 level could create new buying opportunities, while remaining below this level may continue the selling pressure.