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According to an analysis by Glassnode, cofounders provided insights into <a href="https://coingape.com/bitcoin-and-altcoins-enter-the-re-accumulation-phase-before-next-bull-run/">Bitcoin</a>‘s (BTC) potential rebound. They indicated a possible surge to $72,000 and highlighted the 50-day Exponential Moving Average (EMA) at $62,000 as a key support level. 
<h2 id="strong-btc-strong-support-at-50-day-ema-strong">BTC Strong Support at 50-Day EMA</h2> 
The current 50-day EMA acts as a vital support level for Bitcoin, suggesting strong buying sentiment. It serves as a potential floor, helping prevent further price declines. At this level, investor confidence seems stable, which could lead to a price rebound. The market dynamics observed here are crucial for understanding the next moves in Bitcoin’s price. 
Short-term EMAs show a buying trend, while long-term EMAs indicate selling. This contrasting behavior between EMAs provides a clearer picture of the current market conditions. The market is stabilizing after a significant 92% increase over six weeks. Such information is essential for investors looking to gauge future movements. 
<img decoding="async" class="aligncenter size-full wp-image-193186" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-57.png" alt="" width="1137" height="609" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-57.png 1137w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-57-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-57-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-57-150x80.png 150w" sizes="(max-width: 1137px) 100vw, 1137px"> 
<h2 id="strong-bitcoin-consolidation-phase-optimize-positions-for-rebound-strong">Bitcoin Consolidation Phase: Optimize Positions for Rebound</h2> 
Given this context, the Glassnode cofounders recommend a strategic approach for investors. They advocate for utilizing short-term dips in BTC’s price as valuable buying opportunities. This strategy is particularly pertinent during the ongoing consolidation phase within the broader bullish trend that <a href="https://coingape.com/bitcoin-crypto-trader-bullish-btc-amid-signs-recovery/">BTC</a> has been navigating. 
By adopting such a calculated approach, investors can optimize their positions and capitalize on the anticipated rebound. In terms of current market performance, <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,hour%20trading%20volume%20being%20%2418%2C975%2C639%2C289.">Bitcoin price</a> is trading at $66,673. This price marks a slight 0.76% increase over the last day and a 4.80% rise over the week.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-193183" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-56.png" alt="" width="731" height="569" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-56.png 731w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-56-300x234.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-56-150x117.png 150w" sizes="(max-width: 731px) 100vw, 731px"> These figures suggest a relatively stable and positive trend in the short term, which aligns well with the analytical insights provided by Glassnode’s cofounders. The founders suggest buying on dips as a viable strategy during market consolidations. They view these moments as opportunities to enhance positions ahead of expected upward movements.&nbsp; 
Read Also: <a href="https://coingape.com/breaking-blockchain-association-and-cfat-sues-sec-over-dealer-rule/">Blockchain Association and CFAT Sues SEC Over Dealer Rule</a> 
The post <a href="https://coingape.com/bitcoin-eyes-72k-amid-support-near-62000-analysts/">Glassnode Founders Predicts Bitcoin Climbing Back to $72K Soon</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Glassnode Founders Predicts Bitcoin Climbing Back to $72K Soon

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