“Bitcoin (BTC) price continued to decline on June 3 and is currently trading 20% below its all-time high of $73,835. However, onchain indicators suggest that Bitcoin is preparing for a “movement” "big state" in the near future, as reported by Glassnode. 📈
Although Bitcoin price has dropped below $60,000 three times in the past 10 days, the MVRV index shows that a significant proportion of Bitcoin investors are still profitable.
Glassnode says $50,000 is the key price level that Bitcoin needs to maintain if it wants to continue its strong bull market.
According to a new report by 10X Research, if Bitcoin fails to maintain its price above $60,000, it will plummet towards lower support levels, possibly as low as $50,000.
After a long period of range-bound price volatility, Glassnode analysts have noted a decrease in volatility across multiple timeframes.
This means that the current trading range is in the final stages of developing towards the next range extension.
Let's discuss this situation! 💬#Bitcoin#CryptoNews"