Glassnode: "This Level Must Be Maintained to Prevent Another Sharp Drop in Bitcoin!"

After consecutive sharp declines, the leading cryptocurrency Bitcoin has retreated below 80,000 dollars and has been moving above 80,000 dollars in recent days.

Although BTC finds support at 80,000, expectations of a decline and risk persist.

At this point, Glassnode said that a possible drop below 80,000 dollars could deepen the correction and could go down to 70,000 dollars.

Analysts at Glassnode indicating a weakness between 70-80 thousand dollars stated that the next important and strong support is at 70 thousand.

According to Glassnode data, Bitcoin's rapid rise from $70,000 to $80,000 in November created a supply shortage, and if BTC falls below $80,000, it left limited support.

According to analysts, as 20% of the BTC supply is currently lost, selling pressure may increase and potentially push prices towards $70,000.

After Donald Trump's win in the US elections, Bitcoin surged from the middle of the $60,000 level to over $100,000, leaving very little supply accumulation in the range of $70,000 to $80,000, and only traded for a few days at these levels.

Therefore, if the price of Bitcoin falls below 80,000 dollars, it will be lower than the average purchase price of current buyers, which will result in insufficient additional buying pressure. That's why a significant drop is expected to the peak of March 2024 at (73.000 dollars).