Bitcoin Cost Basis Distribution Indicates Key Level at $106,600

Glassnode has analyzed the Bitcoin Cost Basis Distribution, highlighting a significant level at $106,600 where approximately 31,000 BTC was acquired. This cluster originated on December 16, and holders have maintained their positions despite market volatility.

Key Points

Bitcoin price levels near the all-time high lack substantial buying density.
A notable supply wall exists at $106,600, which could act as a resistance point.
Resistance observed as Bitcoin approached this level previously, but selling pressure from underwater holders is absent.
Holders at this level show strong resolve, indicating potential significance for future price movements.

In related news, institutional Bitcoin ETF holdings decreased by 10% in Q1 2025 due to de-risking amid trade uncertainties.

Current Price

Bitcoin is currently trading at $105,200, reflecting a nearly 3% rise over the past week.