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Bitcoin’s Critical Zone: $95,500–$97,000 Identified by Glassnode
Since reaching a new all-time high nearly a month ago, Bitcoin has struggled to signal any solid intent to breach new price levels. Amidst new US trade tariffs and escalating geopolitical tensions between Israel and Iran, the premier cryptocurrency has experienced downward pressures, dipping to as low as $101,000. Currently, Bitcoin is trading around $104,000, reflecting a 2.03% decrease over the last day. During this turbulent period, the reputable analytics firm Glassnode has pinpointed a critical price range that demands attention, especially if the market faces further declines.
Understanding the $95,500–$97,000 Range
In a recent analysis shared on social media, Glassnode offered insights into the Bitcoin market through its Cost Basis Distribution (CBD) heatmap. This on-chain metric is pivotal as it tracks the price levels at which Bitcoin was last exchanged. A significant trading volume within a specific price range creates a supply cluster, serving either as support or resistance.
According to Glassnode, the first dense supply cluster below the current market price is situated between $95,500 and $97,000. This zone is slightly below the cost basis of short-term holders, which suggests a significant overlap of technical and on-chain data, making this range a critical battleground. If Bitcoin maintains a price above this level, it could reinforce bullish sentiments and enhance the cryptocurrency’s chances of re-entering price discovery mode.
Potential Market Movements
Conversely, a drop below $95,500 could incite panic selling and align with bearish forecasts for the short to mid-term. Prominent market analysts, including the enigmatic Mr. Wall Street on social media, have predicted further declines, suggesting Bitcoin could fall to the $93,000–$95,000 range, potentially triggering widespread market liquidations.
Market Overview and Future Outlook
As of now, Bitcoin is trading at $103,753, marking a 1.27% decline over the past week. This period has seen the cryptocurrency remain mostly below $106,000, with only a brief price spike. Over the month, Bitcoin has registered a 6.10% loss, indicating a slow shift in momentum as bearish forces begin to dominate. Despite these challenges, Bitcoin continues to hold a market cap of $2.05 trillion, maintaining its status as the largest cryptocurrency with a dominance of 64.3%.
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In conclusion, the near future for Bitcoin hinges on its ability to hold above the crucial $95,500–$97,000 range. Investors and traders alike should monitor this zone closely, as it may determine the cryptocurrency’s trajectory in the coming weeks. For more detailed analyses and updates on this topic, check out the [crypto section](https://financier.news/category/crypto/) on Financier News.
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