Bitcoin Price Slips Under $84,000 — Key Support Levels To Watch

Source Newsbtc

The Bitcoin price put in one of its strongest performances in recent times over the past week, rallying to above the $88,000 level early on. However, the premier cryptocurrency experienced a steep correction on Friday, March 28, following the latest February core inflation data.

With the price of BTC now hovering beneath $84,000, panic seems to be growing in the market as investors fear further correction for the world’s largest cryptocurrency. Interestingly, the latest on-chain data show the critical support levels for the Bitcoin price.

Is BTC At Risk Of A Fall To $71,000? 

In a recent post on the X platform, blockchain analytics firm Glassnode explained the recent investor behavior and how it could impact the Bitcoin price action over the next few days. This evaluation is based on the cost basis distribution data of investors around the Bitcoin price.

According to Glassnode, the cost basis distribution data reflects the total Bitcoin supply held by addresses with an average cost basis within specific price buckets. As observed in the chart below, the heat map (color intensity) represents the magnitude of BTC supply in a price zone.Bitcoin price

Source: @glassnode on XGlassnode data shows that a significant percentage of traders purchased roughly 15,000 BTC at the $78,000 level on March 10 before selling at the recent $87,000 local top. Following this latest round of redistribution, the BTC supply at the $78,000 level is now thin, weakening the support cushion. 

It is worth noting, though, that the next crucial support levels lie around $84,100, $82,090, and $80,920, where investors purchased 40,000 BTC, 50,000 BTC, and 20,000 BTC, respectively. However, the Bitcoin price could be at risk of a deep correction if it loses these levels.

In case of a deeper correction, $78,000 might not offer a strong enough cushion for the flagship cryptocurrency following the recent sell-off by investors previously holding at the level. Glassnode data shows that the Bitcoin price could fall to as low as $74,000, the next significant support level after $80,000.

The on-chain analytics platform highlighted $74,000 (where investors bought 49,000 BTC) and $71,000 (where investors bought 41,000 BTC) as the next support levels should the Bitcoin price fall beneath $80,000. “These levels reflect conviction-driven accumulation zones that could absorb additional downside pressure,” Glassnode added.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin stands at around $83,800, reflecting an almost 4% decline in the past 24 hours.

Bitcoin price
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
May 09, Fri
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
goTop
quote