The post Bitcoin Price Faces Critical Test: Will Bulls Hold $96K Or Bears Push To $80K? appeared on BitcoinEthereumNews.com.

Bitcoin price remains at a crucial price level, with the market closely watching whether it can maintain support at $96,000. Analysts at Glassnode warn that losing this level could push the price down to $80,000, a key historical support. Meanwhile, trading activity shows strong demand and supply zones, creating uncertainty over the next significant move. Bitcoin Price Tests Key Support at $96K Bitcoin’s price currently hovers around $96,788 without successfully sustaining itself above this essential support level. The market analysts at Glassnode suggest that Bitcoin must maintain $96,000 to avoid settling at $80,100 as its following defense line. The -1.5 level of Bitcoin’s adjusted MVRV Z-Score matches this price segment. Source: X The Bitcoin market follows the mean price of $96,300 because this price level served as a major stability point throughout Bitcoin’s history. Integer analysis indicates that Bitcoin price movement below its anticipated range will result in rapid market descension. The Bitcoin market positioned at $80,000 occurred during a bullish phase in November 2024. – Advertisement – The current price trend depends strongly upon the $92,200 cost basis retained by short-term holders. Glassnode reports weak support stretches from $90,000 to $70,000 as Bitcoin drops past its $92,200 cost basis. The price movements will become more drastic because liquidity gaps create unstable market conditions. Demand and Supply Zones Shape Price Action According to market analyst Ali Martinez, there exists a significant demand area between $94,660 and $97,540, in which traders purchased 1.43 million BTC. An upward movement limitation exists because $97,650 – $99,470 is a region that contains 1.16 million BTC. Bitcoin trading within its confined zone shows market participants cannot agree on their next operational direction. In Martinez’s previous analysis, there was a resistance point at $97,530; however, Bitcoin now has surpassed it while working to cement it as…

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Filed under: News - @ February 18, 2025 10:21 am