Bitcoin returned over USD 104,000 after a fairly turbulent commercial week. In connection with the tax tax, GOP has evolved into a grave fall between US President Donald Trump and the richest man in the world Elon Musk, the cryptographic market experienced a significant level of outflows, and Bitcoin prices dropped even on Thursday 101,000 USD. While in the last 24 hours there has been a slight reflection of prices, the virgin cryptocurrency is threatened with a deeper price correction.

Bitcoin Bulls Eye Support near USD 103,700 and 95,600 USD

IN X Post On Friday, Company Analytics Glassnode divided the potentially influential view of data on the market on the BTC market in connection with the price correction that lasted in the last two weeks. At that time, Bitcoin prices fell from the current highest level of all time in the amount of USD 111,970 until the recent lowest level $ 100,516.

Currently, Glassnode explains that long -term BTC owners are slowly unloading their resources in the absence of a clear positive market catalyst, which indicates that the current price correction may remain in the compact period. In this scenario, the analytical company identified two potential support zones using the work price model (WOC).

In the context of the WOC price model according to Bitcoin, on the basis of costs, following the acquisition price for currently circulating coins. WOC displays the supply of BTC in distribution of supply for expenses (SSD) or distribution of costs (CBD), which reflects the distribution of coins purchase prices.

If the correction of bitcoin prices persists, WOC Glassnode indicates that the next high support lies at 103,700 USD, which is in line with 0.95 quantile SSD IE prices, after which 95% of circulating (expenses) bitcoin has a lower acquisition price, which means that only 5% of bitcoins was higher than this point.

If the pressure for sale turns out to be overwhelming at the first level of support, Bitcoin is expected to reach the next floor of prices on a quantile 0.85 SSD around 96,500 USD, which indicates a potential price drop by 7.2% in relation to current market prices and 13.8% of the highest BTC market level.

Interestingly, the forecasted prices of prices are still in a hearty scope of corrections in a wider bull rally. Nevertheless, the Bull Rally must soon discover a positive market rally, as well as, among others, in the form of alleviating quantitative, increased institutional investment or ETF influence.

BTC market review

At the time of writing, Bitcoin trades for USD 104,418, reflecting the price of 2.98% in the last 24 hours. Meanwhile, the daily volume of asset trading has dropped by 20.02% and is priced at $ 51.67 billion.

A distinguished picture from Biotron Foundation, Chart from TradingView

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