glassnode: If BTC falls below $72,000, it may face greater downside risks

According to glassnode analysis, the price of Bitcoin has fallen below two important long-term moving averages - the 111-day moving average ($93K) and the 200-day moving average ($87K), and has dropped to the 365-day moving average ($76K). These moving averages are generally regarded as important support levels in the market, and the current break may mean that market sentiment is changing.

The cost price for short-term holders is about $93K. The price of Bitcoin is currently fluctuating between $131K and $72K, but it is close to testing the lower limit of $72K. If this level is broken, it may hit the confidence of short-term investors and cause prices to fall further.

In addition, Bitcoin has deeper support areas near $65K and $71K, but these positions are in low liquidity areas. If the price falls into this range, it may cause large fluctuations and attract long-term investors to buy at the bottom.