Glassnode claims that $60,000 and $64,000 are important thresholds for Bitcoin.
BTC price still 18% lower compared to the peak in March, while the current market is immersed in apathy and boredom.
On-chain analytics firm Glassnode shared that if BTC crosses the threshold $64,000, Investor sentiment may be on the rise, according to their weekly analysis.
Analyzing the situation of new Bitcoin investors, Glassnode said that these investors had to suffered significant losses in his position.
At this point, Glassnode analysts, stated that $60,000 and $64,000 is an important level for BTC.
“The price movement between $60,000 and $64,000 is a sign of a sideways trend, where market volatility continues.
A drop below $60,000 would cause losses for many short-term traders (STH) and send the price below the 200-day DMA (daily moving average) at $58,000.
However, a break above $64,000 would allow a significant portion of short-term investors to book profits and would likely boost investor sentiment and confidence.”
Bitcoin continues to trade at $60,045 at the time of writing.
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