Bitcoin Bulls Face $80K Test as Support Weakens

Bitcoin's price has been hovering near the $96,788 mark, with market analytics firm Glassnode identifying the next major support level if the bulls lose their grip on the current region. According to the firm's report, if Bitcoin's price declines further, the next major support could be much lower, as there is minimal resilience.

Glassnode's analysis focused on Bitcoin's adjusted MVRV Z-Score, an indicator that helps traders gauge price support zones. The firm noted that Bitcoin has been holding near its mean level of $96.3K, which marks a major threshold for market stability. However, if the price declines further, bulls might find the next major support at the -1.5 standard deviation (σ) level of $80.1K.

For context, the last time Bitcoin saw the $80,000 region was in mid-November 2024, during the Donald Trump-led market-wide uptrend. Since then, the asset has held above this level, demonstrating resilience during the push to $89,164 in January 2025. However, Glassnode analysts believe BTC could revisit the $80K level if the current $96K support gives way.

Additionally, the firm called attention to Short-term holders (STHs), with the cost basis for this group sitting at $92.2K. This level is important for maintaining the current uptrend. The ±1σ bands, ranging between $71K and $131K, represent typical price boundaries. With Bitcoin still trading within this level, bulls maintain some control, but ongoing price action is testing their resilience.

Further, a major concern arises from the URPD volume profile, which indicates a liquidity gap below the current support. Few transactions have occurred in this range, suggesting that price movement into this zone could accelerate downward pressure. The -1σ level for STH cost basis, positioned at $71K, sits at the top of this liquidity void, making it a crucial region should Bitcoin's price dip further.

Meanwhile, market analyst Ali Martinez recently pointed out that Bitcoin is currently stuck between strong demand and supply zones. A demand wall exists between $94,660 and $97,540, where market participants purchased about 1.43 million BTC