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Bitcoin On-Chain Support May Lie at $80K – Analyst Shares Key Metrics

Bitcoin On-Chain Support May Lie At $80K – Analyst Shares Key Metrics

Sebastian Villafuerte
by Sebastian Villafuerte
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin faced a sharp decline yesterday, testing crucial support below the $92,000 mark. This move has sparked concern among analysts, as the $90,000 to $92,000 demand zone is seen as a critical level for maintaining Bitcoin’s bullish structure. A breach below this range could signal a deeper correction, potentially shaking market confidence in the short term.

Related Reading: Bitcoin SoV Thesis Gains Traction – Metrics Reveal $1.03 Trillion Now Held On The Network

The bearish sentiment is compounded by growing fears that BTC may not hold its current levels. Many traders are closely monitoring the price action for signs of a potential reversal or further decline. The stakes are high, as this zone represents a pivotal area for Bitcoin’s market momentum.

Adding to the discussion, CryptoQuant’s head of research, Julio Moreno, recently shared key insights into Bitcoin’s on-chain metrics. According to Moreno, BTC on-chain support could be as low as $80,000, which aligns with traders’ realized price levels. This suggests that if the current demand zone fails, BTC may find its next support closer to $80,000, adding weight to the bearish outlook.

Bitcoin Facing Correction Risk 

After yesterday’s price action, Bitcoin remains strong above key demand levels, holding steady as it tests critical support. However, there is a serious risk that BTC could experience a correction into the $80K range. 

CryptoQuant’s head of research, Julio Moreno, shared on-chain data indicating that Bitcoin’s price support may hover around $80K, identified by the trader’s realized price (represented by the pink line). This level marks the point where unrealized profits (the purple area) approach zero, meaning there is little incentive for traders to sell further at these levels.

Bitcoin On-chain Trader Realized Price and PnL Margin
Bitcoin On-chain Trader Realized Price and PnL Margin | Source: Julio Moreno on X

While this $80K level could serve as a strong support, it may not necessarily be reached due to ongoing demand and investor sentiment. Many in the market remain bullish, expecting BTC to push even higher in the coming year as more institutional and retail investors enter the space.

The on-chain data suggests that traders have locked in significant profits, and with the market sentiment still leaning toward bullishness, a sharp correction to $80K may not materialize, especially if demand persists.

Related Reading: Are Bitcoin Holders Waking Up? Exchange Deposits Crash To Lowest Levels Since 2016

At this point, BTC faces a delicate balancing act. Any further consolidation above key support levels could strengthen the case for further price increases, but a broader market correction or a shift in sentiment could trigger a short-term pullback. Traders and investors will closely monitor this price action to determine if Bitcoin can hold its ground above these critical levels or if a deeper correction is inevitable.

Technical Levels To Watch

Bitcoin is currently trading at $94,600, following several days of bearish price action and active selling pressure. Today marks the close of the year, and it appears that BTC is set to form a bullish daily candle. 

If Bitcoin manages to close above $92,000 in the coming hours, this would signal the first step toward a bullish continuation. A successful close above this key level would suggest that buying momentum is gaining strength, potentially setting the stage for further upward movement.

BTC holding the $92K mark as the year closes
BTC holding the $92K mark as the year closes | Source: BTCUSDT chart on TradingView

However, for the bullish trend to be confirmed, Bitcoin must reclaim the $100K mark. This would solidify the upward trajectory and give bulls the confidence to push even higher in the coming months. On the other hand, if BTC fails to maintain support above $92,000 and loses this level, it could trigger a deeper correction toward the $80K region. 

Related Reading: Ethereum Hodler Ratio Surpassed BTC’s In 2024 – Will History Repeat?

Such a move would likely raise concerns of a broader market pullback, making $92,000 a crucial level to watch in the coming days. As always, Bitcoin’s price action remains volatile, and traders will be closely monitoring these levels to assess the market’s next move.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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