Bitcoin’s $95.5k to 97k supply cluster shows strong holder conviction, signaling bullish strength if prices stay above $98k.
Dense supply zones from $40k to $100k reflect strategic buying, creating robust support for Bitcoin’s bull market.
The $100k+ supply concentration, unlike past cycle tops, suggests mature investor confidence in Bitcoin’s growth.
Bitcoin’s price is stabilizing near all-time highs, with a key supply cluster forming between $95.5k and $97k, just below the short-term holder cost basis at $98k. This threshold could determine whether the bull run continues or a bearish phase emerges.
Dense Supply Zones Reflect Investor Confidence
A significant concentration of Bitcoin supply has formed between $95.5k and $97k, indicating strong investor conviction, according to a post by Glassnode. This cluster, just below the $98k short-term holder cost basis, suggests many holders are anchoring their positions here. A sustained price above this level could reinforce bullish momentum.
https://twitter.com/glassnode/status/1936063874148569445
The Bitcoin UTXO Realized Price Distribution (URPD) heatmap highlights how supply has shifted since July 2023. From $30k to $110k, distinct accumulation bands reveal strategic buying during rallies. This pattern underscores a robust market structure with committed long-term holders.
Rally Phases Shape Strategic Accumulation
From Q4 2023 to Q1 2024, Bitcoin surged from $30k to $70k, with heavy accumulation between $40k and $66k. These zones became dominant cost bases for investors entering during the breakout. Such shifts are prompting firms to recalibrate strategies around these levels.
Bitcoin formed a large supply cluster between $76k and $88k after breaking beyond $80k in late 2024. The heatmap shows thick yellow bands, reflecting active wallet repositioning. This accumulation indicates investors anticipated further upside.
Over 800,000 BTC were held above $100k by Q1 2025, when the price of Bitcoin reached $110,000. It appears that holders are confident in higher prices because there was little selling pressure during the mid-2025 surge. These upper-band clusters could act as support in future corrections.
Market Structure Encourages Long-Term Development
The URPD chart's stair-step pattern attests to a robust bull market. Each rally phase, from $40k to $100k, shows clear supply clusters, indicating sustained demand. This structure creates strong psychological and technical levels for traders.
Recent movements in the sector have reshaped priorities, with investors focusing on these dense supply zones. The high concentration above $100k is notable, as previous cycle tops lacked such robust upper-band supply. This shift suggests a new level of market maturity.
As of June 2025, Bitcoin’s on-chain footprint shows deep-rooted investor positions. The $95.5k to 97k cluster remains a critical threshold. Holding above it favors bulls, while a break below could signal a bearish turn.
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