Bitcoin (BTC) Report from Glassnode: “This Must Happen for New ATHs!”

There are only a few days left until November ends in Bitcoin, and November is preparing to close in the red, just like October.

At this point, while this November has been the worst since 2019, there is still hope for an upturn.

Accordingly, analysts pointed to $93,000, predicting that a monthly close above $93,000 would reduce the risk of further declines, while a close above $102,000 would be a strong bullish signal.

In its analysis conducted through the official X account, on-chain analytics company Glassnode pointed to the $93,000-$96,000 range for Bitcoin, stating that this range must be broken for it to start rising.

“Bitcoin’s most important short-term resistance range currently sits at $93,000-$96,000.

To gain momentum towards new ATHs, breaking the supply cluster in the $93,000-$96,000 range, formed by the largest buyers, is the key requirement.”

Glassnode analysts recently noted that if Bitcoin breaks above $96,000, the next resistance range will be between $100,000 and $108,000, adding, “This range is the area where buyers who have recently entered the market have concentrated.”

Aside from Glassnode analysts, pseudonymous analyst CrediBull Crypto also made similar predictions. Accordingly, the analyst stated that the two levels he is eyeing for a monthly close for Bitcoin are $93,401 and $102,437.

The analyst stated that a close above $93,000 would be a positive sign for Bitcoin’s rise and that there is a high probability of this occurring, while a monthly close above $102,000 would be incredibly bullish.

*This is not investment advice.