Analyst: $78,000 area still a key support level for Bitcoin, with a breakthrough of $85,000 or a quick surge to $95,000

BlockBeats News, May 17th, CoinDesk analyst James Van Straten published an article stating that currently, close to 15% of the Bitcoin supply is concentrated around the 200-day moving average, which is around the $83,000 to $85,000 range. He believes that if Bitcoin breaks above $85,000, it could quickly rise to $95,000.

Furthermore, the True Market Cap (TMM) and the Short-Term Holder Cost Basis continue to form a key support level around $78,000.