Glassnode and Plan B Identify Two Bitcoin Bottom Levels at $60,000 and $53,000

Glassnode and cryptocurrency analyst Plan B identified potential bottom levels for Bitcoin following a recent decline below $60,000. The drop was driven by outflows from US spot ETFs, a more hawkish Federal Reserve stance, and a stronger dollar. Glassnode's weekly report stated that signs of a market bottom are beginning to emerge at the $60,000 level, while Plan B predicted Bitcoin could reach its true bottom after falling below $53,000. The decline has raised concerns among market participants about a potential prolonged bear market.

Glassnode Identifies $60,000 Support Zone with Technical Indicators

Glassnode's weekly report stated that Bitcoin is trading below the Real Market Average Price (RPP) of $77,000, which represents the average cost basis for actively traded cryptocurrencies. The influx of new investors has lowered the cost basis for short-term holders to $71,400. The average daily loss has increased to $205 million.

According to Glassnode analysts, BTC is facing resistance in the $66,800 to $70,700 range. Some buying pressure is being observed on Coinbase. The report stated that the recent decline was driven by the spot market, followed by the derivatives market, which triggered long position liquidations.

Glassnode analysts noted that the concentration of long positions in the options market between $60,000 and $64,000 is suppressing spot price volatility and supporting a support zone around the $60,000 level.

Plan B Predicts Bitcoin Bottom Below $53,000

Cryptocurrency analyst Plan B stated that Bitcoin could reach its bottom after falling below $53,000. The analyst stated that Bitcoin is likely to fall below its current price of around $53,000 before reaching its true bottom, consistent with patterns observed in previous bear markets.

FAQ

What price levels did Glassnode identify as potential Bitcoin bottoms?

Glassnode's weekly report identified $60,000 as a level where signs of a market bottom are beginning to emerge. The report noted that Bitcoin is trading below the Real Market Average Price of $77,000, with short-term holder cost basis at $71,400. The concentration of long positions in the options market between $60,000 and $64,000 is supporting a support zone around $60,000.

What caused Bitcoin to fall below $60,000 according to the analysis?

The decline below $60,000 was driven by three factors: outflows from US spot ETFs, a more hawkish Federal Reserve stance, and a stronger dollar. Glassnode stated that the recent decline was driven by the spot market, followed by the derivatives market, which triggered long position liquidations.