Bitcoin $80K Support Level Weakens, Glassnode Data Shows

Bitcoin Support Under Pressure

Bitcoin (BTC) briefly stabilized around the $80,000 level on Thursday, but the resilience of that support is now in question. New data from on-chain analytics firm Glassnode suggests the buying interest that previously bolstered BTC at that price is waning.

Glassnode’s analysis of the Binance BTC/USDT spot order book, captured on October 15, displays a heatmap of resting orders. The firm noted that the substantial bids previously present below $80,000 are becoming less prominent. This indicates a decrease in the volume of buy orders intended to prevent further price declines.

The diminishing order book depth suggests that a break below $80,000 could lead to a more pronounced downward move, as fewer orders are available to absorb selling pressure. Traders monitor order book data closely to gauge potential support and resistance levels. A thinner order book often precedes increased volatility.

While the initial dip on Thursday saw bids step in near $80,000, the current data suggests that those defenses are weakening. Market participants will be watching closely to see if new buyers emerge to reinforce the $80,000 level or if BTC is poised for further correction.

Source: Bitcoin.com News