On-Chain data suggests that Bitcoin could form a strong support area just above the $80,000 range. On-Chain platform Glassnode, in a statement on X, noted that BTC's recent decline has created a new cost basis accumulation in this price range. According to data shared by Glassnode, Bitcoin has begun to find buyers again just above the $80,000 level, making this range one of the most concentrated price concentrations in recent times. The platform notes that this price range now stands out as one of the most prominent concentration areas on heat maps, a critical indicator of investor behavior. Analysts note that the cost basis clustering in this region provides a crucial defensive line for short-term investors and new entrants. Therefore, within Bitcoin's current price action, these levels are likely to act as strong support, allowing the price to recover without a deeper decline. *This is not investment advice. Continue Reading: On-Chain Platform Glassnode Reveals Strong Support Area in Bitcoin! Details Here
