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11 hour ago
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Glassnode Reports Bitcoin Rally Faces Resistance at $98,400 Due to Supply Overhang

Glassnode reports that Bitcoin is facing a supply challenge as it approaches the $98,000 mark.

Key Points

  • The recent Bitcoin rally stalled near the Realized Price for short-term holders (STHs), currently at $98,400.
  • This metric indicates the average acquisition cost for traders who bought within the past 155 days.
  • Recent market structure reflects Q1 2022 patterns, with repeated failures to exceed this break-even point leading to prolonged consolidation.
  • The UTXO Realized Price Distribution (URPD) shows significant STH supply between current levels and $98,000.
  • Some long-term holders (LTHs) are accumulating above $100,000, indicating willingness to hold despite potential sell pressure.
  • The unresolved supply overhang may limit Bitcoin's attempts to surpass the $98.4k and $100k levels without increased demand momentum.

Current BTC Price

Bitcoin is experiencing a downward trend since its rejection at the STH Realized Price, currently trading around $89,100.

Bitcoin Price Chart