Glassnode gave critical levels in Bitcoin: “It could accelerate the rise”

On-chain analysis company Glassnode stated that the levels of 80 thousand to 81 thousand 500 dollars are very important for the decline in Bitcoin, and the level of 87 thousand 700 dollars is very important for the rise. In the analysis, it was noted that investors who bought Bitcoin especially since the second half of last year are still at a loss and this group may want to sell aggressively when the price reaches a certain level. Glassnode analysts stated that if 87 thousand 700 is exceeded, there is another very serious sales wall at 90 thousand dollars.

“The risk in the short term is US inflation…”

In Glassnode's report, it was written that the rise could become even stronger if exceeding $88,000 is supported by ETF inflows, but short-term risks were also mentioned:

"Liquidation of short positions around 88 thousand dollars may accelerate the rise. Volatility may increase. The support of ETF inflows here will also be important. Because their sales have decreased significantly at the expense of long-term investors... This is positive for the recovery of the market, but there are also short-term risks... Money outflows from ETFs and high US inflation pose risks in the short term."

Analysts also stated that if the 80 thousand dollar support is broken, there may be a drop to 78 thousand dollars:

"If support is lost, liquidations in leveraged long positions may increase. These liquidations may trigger new sales and deepen the decline to $78,000."