What are the critical levels that Bulls need to protect in Bitcoin? Glassnode has revealed, listed possible scenarios!

While the leading cryptocurrency Bitcoin (BTC) remains trapped in a certain range, investors continue to be cautious against further declines.

At this point, while bulls need to go on the offensive for the rise, Glassnode has revealed the level that bulls need to protect.

Chain analytics firm Glassnode stated that the $96,300 level needs to be maintained for Bitcoin to not fall further.

Analysts noted that if the critical support at 96,300 dollars is not held in Bitcoin, the price could fall to the next support level at 80,100 dollars.

Analysts used the MVRV Z-Score indicator and the cost price of short-term investors in this analysis.

Analysts noted that in case the $96,300 support for Bitcoin is broken, according to the MVRV Z-Score, the next support could be $80,100.

"Bitcoin's MVRV Z-Score can be used to predict critical price support areas. So far, the price has stayed near the $96.3 thousand support level determined by the MVRV Z-Score. If the BTC price breaks towards lower levels, the next major support level for the bulls could be at the -1.5σ level (80,1 thousand dollars)."

Glassnode analysts secondly pointed out the cost price of (STH to short-term investors. In particular, analysts noted that the cost base price of this group is at the 92.2 thousand dollar level, emphasizing the importance of this level for the continuation of the current uptrend.