Bitcoin Holds $79K Support as Ethereum Trades Sideways; Glassnode Flags $83.5K and $1,461 as Key Levels
Bitcoin holds support at $79K, while Ethereum trades sideways near $1,550. On-chain data highlights resistance for BTC at $83.5K and ETH support at $1,461.Bitcoin and Ethereum prices fluctuated sharply this week as the crypto market responded to intensifying global trade tensions. The volatility followed U.S. President Donald Trumps earlier announcement of reciprocal tariffs targeting multiple countries. This led to broad sell-offs across risk asset classes and U.S. stocks.However, Bitcoin has rebounded to $81,815.88 after trading below the $77,000 level in the days prior. This reflected a 0.74% increase over 24 hours but a 1.53% decline over the past week. Ethereum also mirrored this mild rebound in Bitcoin, after trading below $1,400 this week.Major Support and Resistance Zones for BitcoinMeanwhile, on-chain data provides critical insights into investor behavior. Among the most telling metrics is the Cost Basis Distribution, a heatmap that reveals where large concentrations of Bitcoin and Ethereum were last moved. It pinpointed key support and resistance levels based on real user activity.According to on-chain analytics platform Glassnode, recent cost basis distribution data reveals critical support and resistance clusters for Bitcoin. Between April 4 and April 11, a significant concentration of Bitcoin last transacted at the $79,000 level, where approximately 40,000 BTC changed hands. Due to heightened holder activity at this price, this area now represents a major support zone.https://twitter.com/glassnode/status/1910670021778366872Above this level, resistance appears more densely packed. Around $82,080, data shows that 51,000 BTC were acquired, creating a strong resistance band. On April 10, Bitcoin approached this zone, momentarily peaking near $83,000 before facing rejection. Glassnode concludes that if $82,080 holds, the next key level for Bitcoin to test is $83,500. In a separate observation, Ali Martinez, a crypto market analyst, reported that Bitcoin is now moving through another resistance area at $82,360. His analysis indicates that more than 324,000 BTC last moved at this price point. Martinez noted that breaking above this layer could bring the next testing level to $91,500, supported by historical price patterns and wallet behavior.Further, Market watcher Maartunn highlighted a sharp surge in Bitcoins open interest, which soared from $24.3 billion to $26.7 billion, marking a 9.9% increase within hours. This sudden rise in open interest indicates a rapid buildup of leveraged positions across derivatives markets.Maartunn cautioned that such aggressive expansion in leverage typically sets the stage for swift market moves.Ethereum Strong Support at $1,461While Bitcoins levels showed dynamic activity, Ethereums cost-basis heatmap suggested a more constrained price structure. Glassnode data indicates that Ethereum remains range-bound between $1,548 and $1,599. In this zone, 793,900 ETH and 732,400 ETH were transacted, forming short-term support and resistance levels. A notable support area below this channel sits at $1,461, where 380,000 ETH were accumulated. The color intensity at this level suggests investor conviction, potentially cushioning the downside risk.
Text source: The Crypto Basic
