Bitcoin, Next support level of the bear market is $97,000~98,000

The on-chain data analysis company Glassnode identified 97,000~98,000 dollars as the key support range to watch during bitcoin's upcoming downturn. The average purchase price of short-term holders is about 98,100 dollars, and a rebound has been observed in this price range during recent adjustments.

Glassnode analyzed the distribution of bitcoin holders' cost and revealed that there is concentrated supply in the 97,000~98,000 dollar range. This suggests that if the market declines again, this price range is likely to act as a substantial pivot point. In particular, this range is also the psychological baseline for new investors who have recently entered the market.

New holders could find themselves in a situation where they have to endure losses in this range, and there are concerns that if this support line breaks, it could lead to greater selling pressure. On the other hand, if this price level is maintained, it is expected to lay the foundation for the market to continue its rebound along with a short-term recovery of confidence.