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"Bitcoin (BTC) May Fall Further if It Drops Below $88,000"

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JH Kim
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  • On-chain analysis firm Glassnode emphasized that the purchase price for short-term holders of Bitcoin is $88,000.
  • They assessed that if this price range is breached, there is a possibility of further decline due to a lack of trading volume.
  • Currently, Bitcoin is trading at $94,158.03.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

On-chain analysis firm Glassnode stated on the 9th (local time) via its official X (formerly Twitter) that "the purchase price of Bitcoin (BTC) for short-term holders, $88,000, plays an important role in evaluating price momentum." They analyzed, "According to the URPD indicator, there is a lack of trading volume below the short-term holder purchase price. Therefore, if this price range is breached, there is a possibility of further decline."

Meanwhile, BTC is trading at $94,158.03, down 0.70% from the previous day, based on the Binance Tether (USDT) market as of 01:45 on the 10th.

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reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.