Bitcoin’s price action is approaching a critical support zone identified by Glassnode, highlighting key levels between $95,500 and $97,000 that could influence its next major move.
This supply cluster lies just below the short-term holder cost basis at $98,000, creating a layered support structure that may determine whether bullish momentum continues or bearish pressure intensifies.
According to Glassnode, “The concentration of Bitcoin supply in this range represents a pivotal battleground where holder conviction will be tested, impacting future price trajectories.”
Glassnode highlights Bitcoin’s critical support between $95.5K-$97K below the $98K short-term holder cost basis, signaling key bullish or bearish price implications.
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Glassnode Identifies Crucial Bitcoin Support Zone Between $95,500 and $97,000
Recent on-chain analysis from Glassnode reveals a significant cluster of Bitcoin supply concentrated between $95,500 and $97,000. This zone represents a historical accumulation area where many holders acquired their BTC, making it a natural support level. When the price revisits such levels, it tests the resolve of these holders—whether they choose to sell, hold, or accumulate more. This dynamic often results in increased buying pressure, potentially stabilizing the price and preventing sharp declines. Understanding this supply cluster is essential for traders and investors aiming to anticipate Bitcoin’s near-term price behavior.
The Role of the Short-Term Holder Cost Basis in Bitcoin Price Dynamics
The short-term holder (STH) cost basis, currently around $98,000, is a critical on-chain metric representing the average price at which Bitcoin was last acquired by holders with less than approximately 155 days of ownership. This cost basis acts as a psychological and technical benchmark. When Bitcoin trades above this level, short-term holders are generally profitable, which can reduce selling pressure and encourage further buying. Conversely, trading below this cost basis may induce selling from holders facing unrealized losses, increasing downside risk. The proximity of the large supply cluster just below this cost basis creates a layered support structure that market participants closely monitor.
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Glassnode’s analysis outlines two primary scenarios depending on Bitcoin’s interaction with these critical levels:
On-chain analysis, such as that provided by Glassnode, offers a fundamental perspective by examining blockchain data directly, including coin movement and holder behavior. This approach complements traditional technical analysis, which focuses on price charts and volume. By integrating on-chain metrics like supply clusters and holder cost bases, traders gain deeper insights into market structure and potential turning points. This holistic view enhances decision-making and risk management in the volatile crypto market.
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Source: https://en.coinotag.com/bitcoin-price-near-key-95500-98000-zone-could-signal-support-or-downside-risk-glassnode-suggests/