Glassnode Identifies $97,000 to $98,000 Zone as Key Bitcoin Pivot

Glassnode has identified the $97,000 to $98,000 range as crucial for Bitcoin based on its Cost Basis Distribution (CBD) analysis. This zone indicates a dense supply of BTC, where many investors last purchased or transferred their holdings.

Key Points

The CBD reveals significant investor sensitivity to price retests at their acquisition levels.
A bullish market may lead holders to buy more during retests, viewing them as potential profitable dips.
Recent market volatility caused Bitcoin to nearly reach this critical range before recovering slightly.
If declines persist, this zone could serve as a pivotal point for future price movements.
Behavioral cohorts show that fresh demand is increasing among first-time buyers, while conviction buyers are also active despite market dips.
Loss Sellers have increased by 29%, indicating some investors are exiting positions, but overall sentiment remains stable.

As of now, Bitcoin is priced around $103,900, reflecting a decline of over 4% in the past week.