Bitcoin’s price performance over the recent weeks highlights its crucial resistance and support levels. As per the data from Glassnode, Bitcoin ($BTC) witnesses crucial resistance forming at $95,000 while $80,000 serves as a significant support level for it. However, recent data suggests increasing uncertainty as the $78,000 support level weakens. The crypto market intelligence platform took to social media to share the exclusive data about Bitcoin’s market position.

$84,100, $82,090, and $80,920 Represent Latest Forming Support Clusters

The market data reveals that Bitcoin traders strategically purchased up to 15,000 $BTC at nearly $78,000 low as of March 10. Nonetheless, they subsequently sold the respective assets at the regional peak price of $87,000. This pattern highlights how some market participants leveraged temporary price swings. However, the support level of $78,000 has now weakened considerably, raising concerns among traders and analysts.

The exclusive analysis conducted by Glassnode mentions that at several price levels, noteworthy support levels are forming. These price levels include $84,100, $82,090, and $80,920. In the case of $84,100, investors have held up to 40,000 $BTC. However, almost 50,000 $BTC are accumulating around the $82,090 mark, while approximately 20,000 $BTC support the market at the $80,920 spot.

$95,000 Denotes Emerging Resistance Level for Bitcoin

In line with the formation of these support clusters, Bitcoin’s immediate downside risk appears to have some structural support. Nonetheless, market onlookers and traders are closely watching potential resistance levels. In this respect, a notable resistance is emerging at $95,000, where investors are showing significant accumulation and heightened interest at higher price points.

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On the other hand, while Bitcoin sees $80,000 as a key support level, the 6-month cost basis highlights additional structural support areas. These include $74,000 and $71,000, with the former comprising 49,000 $BTC in accumulation and the latter accounting for 41,000 $BTC in long-term holdings. According to Glassnode, the interplay between Bitcoin’s weakening support and emerging resistance levels will play a critical role in determining its next market move.