Bitcoin Price Support Levels Revealed Amid Market Uncertainty

Glassnode's latest analysis sheds light on critical Bitcoin price support levels, offering insights into potential market movements. The adjusted MVRV Z-Score suggests Bitcoin's price is currently holding near its mean level of approximately $96,300, acting as a temporary buffer amid uncertain market conditions.

Key Support Levels

$96,300 Mean Level: Bitcoin's price has stabilized around this level, providing a crucial defense for bulls.
$80,100 Secondary Support: If Bitcoin's price breaks below $96,300, the next significant support level is at $80,100. A breach of this level could trigger further selling pressure.
$92,200 STH Cost Basis: The Short-Term Holder (STH) cost basis currently stands at $92,200, historically serving as a key support level for Bitcoin's uptrend.

Price Range and Liquidity

Bitcoin's spot price remains within the $71,000 to $131,000 range, indicating that bulls still maintain control. However, the URPD volume profile reveals a liquidity gap below current support levels, suggesting increased sensitivity if prices move lower. The $71,000 level, sitting at the upper bound of this gap, is particularly critical.

Upcoming Events

This week, several key events could influence Bitcoin's price action:

FTX Creditor Payouts: The first round of creditor payouts from the bankrupt exchange may impact market sentiment.
Federal Reserve Meeting Minutes: The release of the January meeting minutes could provide clarity on future interest rate decisions, with Fed Chair Powell indicating no rush to cut rates.

As Bitcoin continues to consolidate below $100,000, these events and technical indicators will be crucial in determining its next major move.

Bitcoin Price Support Levels Revealed Amid Market Uncertainty