Bitcoin has once again reached a critical baseline value level of 0.85, currently around $109,000. According to analysts at Glassnode, this value is traditionally considered an indicator for the further formation of market trends.
This is reported by Finway
Bitcoin Under Pressure: A New Price Threshold
Experts note that maintaining this level opens up opportunities for new price growth. At the same time, losing it could signal a decline in Bitcoin’s value to the next important level — 0.75, which corresponds to approximately $98,000. The current situation, according to specialists, could be decisive for establishing a medium-term trend in the market of the first cryptocurrency.
Panicking Among Ethereum Traders and Rising Shorts
The Ethereum market is experiencing a sharp decline in value: the price has dropped to $3,700. Experts at Santiment emphasize that in the past two months, short-term price movements of Ethereum have primarily been determined by the funding rate. Currently, there is a noticeable increase in the share of short positions among investors, which often indicates panic sentiment and expectations of further declines.
“When the market is dominated by large long positions (greed), the price usually corrects downward. However, when short positions dominate, the likelihood of a rebound significantly increases,” analysts noted.
Previously, Glassnode reported that traders shifted to a defensive mode after the recent drop in Bitcoin, which also affected the overall sentiment in the cryptocurrency market.