Bitcoin Faces Crucial Test at $30,000 Support Level
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Bitcoin's key support level is around $30,000 based on transaction data showing significant accumulation of coins in that price range.
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Below $30,000 is a "weak spot" and drop below could trigger sell-offs as fewer transactions were made between $31,000-$33,000.
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For traders, the $30,000-$31,000 range is crucial as it's the battleground between recent gains and largest supply cluster.
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Bitcoin is currently trading around $37,721, up 6.2% in the last 24 hours.
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Glassnode says if Bitcoin falls below $33,000, the next line of defense is around $30,000.