Analysts from the blockchain data platform Glassnode indicate that investors should closely monitor the $87,000 level, which represents the cost basis for short-term Bitcoin holders, assuming a reasonable valuation of cryptocurrency. This type of 'on-chain' analysis examines data directly recorded on the blockchain network to gain insights into market trends or investor behavior.

Analysts point out that there is a demand gap for Bitcoin's price between $87,000 and $71,000, making the former a 'make or break' level for Bitcoin's short-term price. This level acts as support in an upward trend; however, according to Glassnode analysts, if Bitcoin decisively breaks through this level, it could turn into a resistance point, indicating a shift in market sentiment. (marketwatch)