Glassnode: Bitcoin (BTC) May Drop to $71,000 Range After Breaking Below $76,000 Support

Bitcoin (BTC) has fallen below the lower bound of a price range it maintained since late August, with analysts suggesting it may drop further to around $71,000.

According to on-chain analytics firm Glassnode, Bitcoin is trading near $76,000 after a weekly decline of about 4.6%. This follows a drop ahead of the U.S. Senate's Clarity Act vote and marks a slight breach below the previous price range support level.

The current price is approximately 1% below Glassnode's True Market Min (TMM) indicator, which represents the average acquisition cost for active Bitcoin excluding long-term holdings at $76,700.

Glassnode highlighted a key short-term holding cost level of around $71,300 as the next major price target. This figure reflects the average purchase price of Bitcoin acquired over the past five months.