The price of bitcoin (BTC) got off to a great start in 2023, but has since cooled down considerably and even dropped in May. Sentiment has therefore become a lot more negative again and price projections of 20 thousand dollars can even be heard in the corridors. However, it is a long way off and analysis firm Glassnode points to three important levels of support that we should take into account first.
The #Bitcoin spot price remains in close proximity to 3 significant pricing levels, currently providing robust support around the $25.3K – $26.3K region.
🔴 Short-Term Holder Cost Base: $26K
🟠 Adjusted Realized Price: $25.3K
🔵 200WMA: $26.3KSustained elevation above these… pic.twitter.com/Vuvk4O6Wcu
— glassnode (@glassnode) June 1, 2023
What are the important levels for bitcoin?
These strong support levels are in a very tight range between $25,300 and $26,300. This range includes the short term holder cost basis ($26,000), adjusted realized price ($25,300) and 200 weeks moving average ($26,300) together.
If the BTC price continues to trade above these levels, this can be seen as a positive development. Then we may be able to set ourselves up for a persistence above $30,000. However, if the price falls below this, then this is bad news. Then that 20 thousand dollars already sounds a lot more credible.
Today crypto prices are seeing a nice rebound and bitcoin is also currently trying to break the $27,100 level. This level has been a support level for the price for weeks. Should BTC break through this and reaffirm this level as support, we can look further up.
What can we expect in the longer term?
It also looks good for the bitcoin price in the longer term. According to Glassnode, its long-term holders are still holding on to their BTC and this is bullish for the price.
Nevertheless, we may have to wait until June 14 for a really big move in the market. This is because FOMC, or the next interest rate meeting of the US central bank, takes place on this day. Over the past year and a half, the Federal Reserve has exerted a major influence on the financial markets with these interest rates. Sets so put the date in your diary.