The Bitcoin network is found to be gaining ground this year compared to the end of 2022. Waima so recently the price movement tried to cross the $30K trading level several times but failed and at the end of May made a sharp decline. With its volatile conditions since mid-March, concerns about a possible downside target stretching towards $20,000 have emerged.
Despite some encouraging signs in recent months, Bitcoin's latest decline dragged its price below $27,000 before trading at $27,153.81.
As the world's largest cryptocurrency remains stuck in a narrow range below $30k, Glassnode observes that spot prices remain close to three significant price levels that serve as support levels.
Some support levels to watch out for are $26,000, $25,300 (Adjusted Realization Price), $26,300 (200 WMA). According to Glassnode analysis, a sustained rise above this important support area can be considered a constructive sign. On the other hand, a drop in Bitcoin price below a key level would conclude a weakness in the trend.
The latest data comes after the co-founder of crypto analytics platform Negentropic estimated that BTC will soon hit its bottom and turn positive.
Additionally, confidence among existing BTC holders was found to be “very high.” Such a trend can be counted as bullish, despite slow growth this quarter. This is because such trends potentially signal that investors consider the current market conditions as an opportunity.
The FOMC is seen as likely to prove the main catalyst that will drive up the price of Bitcoin.
