Glassnode: Bitcoin’s Cost Basis Distribution Signals Key Support and Resistance Levels
Blockchain analytics firm Glassnode reports that Bitcoin’s cost basis distribution reveals a strong support zone near $111,000 and notable selling pressure around $117,000, defining the critical price range for short-term market sentiment.
Market Insight
According to data shared via Foresight News, these levels represent the ongoing tug-of-war between new buyers and profit-takers. The $111K level marks the average entry cost of recent market participants, suggesting that many investors are defending their positions.
Meanwhile, profit-taking activity around $117K reflects investor caution after Bitcoin’s recent gains.
Analysts emphasize that a decisive breakout beyond this range—either downward through support or upward past resistance—could set the tone for Bitcoin’s next major price trend.
This cost basis distribution acts as a real-time map of investor behavior, offering traders a data-driven perspective on potential volatility zones.
Takeaway
Monitoring on-chain cost basis levels can help traders anticipate where demand or selling pressure may intensify. As Bitcoin consolidates, understanding these on-chain signals provides a clearer view of market psychology.
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Glassnode identifies key Bitcoin cost basis levels between $111K and $117K, highlighting investor positioning and potential volatility triggers.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice.
