Glassnode has identified a condition for Bitcoin's price decline to end.
The main condition for Bitcoin's price to end its decline and resume growth is for the asset to surpass the $111,900 mark, according to analysts from the on-chain platform Glassnode.
Experts believe that if the leading cryptocurrency fails to break through the $111,900 price mark, the future bullish trend will be limited and unsustainable.
“Until a new influx of funds or a clear macroeconomic catalyst emerges, Bitcoin is likely to fluctuate between $97,000 and $111,900. Meanwhile, $100,000 will remain a psychologically important line of defense,” explained the on-chain platform's experts.
While the crypto market is currently demonstrating reduced short-term volatility, it remains highly sensitive to economic news from the US. Any changes in the Federal Reserve's monetary policy could cause sharp price fluctuations in cryptocurrency, according to Glassnode .
Experts believe that traders and investors will adopt a wait-and-see approach in the coming weeks, avoiding any active moves to sell or accumulate Bitcoin. However, Glassnode analysts maintain a moderately positive outlook on Bitcoin's prospects for the remainder of the year. The on-chain platform's experts hope that lower interest rates in the US and the reopening of the US government should support risky assets, including cryptocurrencies.
Earlier, Jan3 founder Samson Mow attributed Bitcoin's decline to new investors rushing to sell their cryptocurrency to secure profits.
Source: cryptonews.net
