Bitcoin’s $80K Support Weakens as Buy Orders Thin, Glassnode Says
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Large buyers supported bitcoin at $80,000 on Thursday, but Glassnode reported thinning bids below that level on Binance’s BTC/USDT spot order book.
Bitcoin found buying support near $80,000 on Thursday, with large orders helping absorb selling at that price. Glassnode’s order book analysis, however, indicated that bids below the level were becoming thinner.
The analytics firm shared a heatmap of resting orders on Binance’s BTC/USDT spot market dated Oct. 15. The data highlighted changes in the buy orders positioned beneath the $80,000 mark.
The distinction is between support that held during Thursday’s trading and the orders remaining below it. Glassnode’s observation points to a weaker cushion on that exchange, rather than confirming that the price level will fail.
Source: Bitcoin.com News
