Bitcoin Charts Bullish Path Toward ATH, But Needs To Clear This Major Supply Cluster
Bitcoin's price surged close to $100,000, reigniting hopes for a new all-time high. However, a major supply cluster between $93,000 and $109,000, identified by Glassnode as a dense cost-basis zone, poses a significant resistance barrier. This area could trigger profit-taking or breakeven exits, requiring strong buying pressure to absorb the supply for a decisive breakout. Meanwhile, on-chain data shows deleveraging signals, with open interest dropping over 30% since October, indicating reduced speculation. Such phases have historically preceded major market bottoms. Currently trading around $96,247, Bitcoin faces a critical test near this supply zone to resume its bullish momentum.
bitcoinist01/16 00:32