Криптовалютный рынок на грани: уровень $83 400 становится критической поддержкой для биткоина Translation: Crypto market on the brink: $83,400 level becomes critical support for Bitcoin.

Analysts at Glassnode have observed that the price of the leading cryptocurrency is consolidating near significant on-chain levels. The market requires confirmation of demand to avert further structural weakening and a drop in price.

Bitcoin is currently trading below the cost basis for short-term holders, which stands at $96,500. Experts have noted similarities between the current market structure and downturns seen in the first quarter of 2022 and the second quarter of 2018.

Critical support is positioned at $83,400. A breach of this level could result in a decline towards the «true average market price» of $80,700.

The proportion of short-term investors experiencing unrealized losses has decreased to 19.5%. While this is far from capitulation (which is at 55%), this group is sensitive to drawdowns, and a breakdown in support could intensify selling pressure.

Over 22% of the Bitcoin supply is currently in the negative. Should the price continue to fall, long-term holders may start to realize losses, potentially triggering a spike in volatility.

The liquidity situation has stabilized:

The derivatives market is exhibiting caution. Funding rates for perpetual futures are neutral, and there is no sign of speculative overheating. Traders are hedging short-term risks through options but do not anticipate a market crash.

However, the positioning of dealers (with «short gamma» below $90,000) poses a risk of accelerated decline due to the actions of market makers. A return to sustainable growth requires an influx of fresh liquidity into the spot market.

Recall that in January, experts from Coinbase Institutional and Glassnode reported a market recovery following the October deleveraging event.