Glassnode’s latest analysis reveals crucial support levels for Bitcoin as it tests the 1-year MVRV Z-Score mean. The leading cryptocurrency faces a critical juncture at $96,300, with potential support zones identified at $92,000 and $80,100.
Understanding MVRV Z-Score Implications
The Market Value to Realized Value (MVRV) Z-Score offers valuable insights into Bitcoin’s market position. This metric compares BTC’s market cap to its realized cap. The current mean sits at $96,300. Bitcoin has shown resilience by bouncing back from this level multiple times.
Key Support Levels to Watch
Two critical support levels emerge from Glassnode’s analysis:
- Short-term holder realized price: $92,000
- MVRV Z-Score -1.5 SD level: $80,100
Market Impact Analysis
Bitcoin’s current price action around $95,400 suggests increasing pressure on support levels. The short-term holder realized price at $92,000 serves as the first line of defense. This level holds historical significance during bullish periods.
Traders should monitor the $92,000 level closely. A break below could trigger a move toward the deeper support at $80,100. However, the presence of short-term holder support suggests strong buyer interest at these levels.
Technical Outlook
The current market structure shows:
- Primary support: $96,300 (MVRV mean)
- Secondary support: $92,000 (STH realized price)
- Last resort support: $80,100 (MVRV -1.5 SD)
The market displays healthy support structures despite recent volatility. Short-term holders maintain significant influence on price action.
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The current market position suggests a critical test of buyer conviction. The presence of multiple support levels indicates strong market structure. However, traders should remain vigilant for potential volatility.
Tags: Bitcoin, MVRV Z-Score, Technical Analysis, Market Support, Glassnode
Source: NewsBTC