According to the source, Glassnode data shows BTC trading below its 200-day moving average and just above its 365-day moving average, underscoring a fragile long-term trend setup for bulls (source: Glassnode). Glassnode highlights 99.9K USD as a must-hold level to avoid further downside pressure, making it a near-term pivot for traders (source: Glassnode). The 200-day moving average is widely used as a long-term trend filter and trading below it is typically viewed as bearish by market participants (source: Investopedia). Moving averages often function as dynamic support and resistance; if 99.9K fails, traders commonly monitor the 365DMA reaction to gauge momentum and adjust risk parameters (source: StockCharts; source: Glassnode).