Bitcoin has once again approached the critical baseline level of 0.85, which is currently around $109,000. According to analysts at Glassnode, this indicator traditionally becomes decisive for the further movement of the leading cryptocurrency’s price.
This is reported by Business • Media
Possible Scenario for Bitcoin: Further Growth or Correction
Experts emphasize that historically, Bitcoin’s consolidation above this mark has opened the way for new growth, while losing it often leads to a decline to the 0.75 level — around $98,000. This is why Bitcoin’s current behavior could serve as a starting point for forming a medium-term trend that will determine the market’s direction in the near future.
Ethereum Drops to $3,700 as Panic Grips the Market
At the same time, Ethereum has fallen to the $3,700 mark. According to the analytical company Santiment, there is an increase in short positions in the market, indicating nervousness among participants and a rise in panic sentiment among traders. Experts also highlighted that over the past two months, the funding rate has significantly influenced the short-term fluctuations in Ethereum’s value.
“When large long positions (greed) dominate the market, the price usually corrects downward. However, when short positions prevail, the likelihood of a rebound significantly increases,” analysts noted.
Previously, analysts at Glassnode had already pointed out that after Bitcoin’s decline, traders shift to a defensive tactic, demonstrating caution in their subsequent decisions.