Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer
Recent insights from Glassnode’s cofounders, shared under their X (formerly Twitter) account ‘Negentrophic’ have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge.
Market Sentiments And EMA Trends
With Bitcoin’s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound.
This crucial support level indicates a strong buying sentiment, indicating the market’s confidence in the cryptocurrency’s value and a potential resistance against further declines.
Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the current price levels as a solid base, preventing significant downward movements.
#BTC potential trajectory may offer Buy-the-dips Opportunities
BTC’s 50-day EMA near $62k provides potential support, targeting $72k for a rebound.
Shorter EMAs signal a tendency to buy, while longer EMAs suggest a preference for selling.
Given BTC’s recent significant gains… pic.twitter.com/3NjUUqa001
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