Bitcoin On-Chain Model Identifies Critical Support Range at $104,000–$108,000
Analytics firm Glassnode provided insights into the Bitcoin market, identifying a critical support zone amid recent price movements. Bitcoin surged briefly to over $117,000 following comments from US Federal Reserve Chairman Jerome Powell indicating a potential shift from a hawkish monetary policy.
Bitcoin's Support Level at $104,000–$108,000
- Glassnode's analysis highlights the $104,000–$108,000 range as a key support area.
- More than 1.15 million BTC accumulated in this price range over the past year, indicating strong investor activity.
- The UTXO Realized Price Distribution (URPD) model shows significant price clustering, suggesting robust support.
- Current trading near $116,000 may retest the support zone if further corrections occur.
$300 Million Surge into Bitcoin Futures Market
- Following Powell's speech at the Jackson Hole Economic Symposium, Bitcoin derivatives activity spiked sharply.
- Nearly $300 million entered Bitcoin futures products within 15 minutes of his remarks.
- Binance’s BTC Open Interest increased to approximately $13.3 billion.
- This surge reflects anticipation for interest rate cuts at the upcoming FOMC meeting in September.
As of now, Bitcoin is trading at $115,850, marking a 2.25% increase in the last 24 hours.