If Bitcoin manages to break through the resistance in the range of $95,000 to $98,000, it could enter a zone with minimal opposition up to $100,000, according to Glassnode. Beyond this level, the volume of coins with a significant cost basis decreases, which could facilitate a move towards new all-time highs. However, this scenario requires substantial demand to absorb the expected selling pressure.
For now, the market remains in a delicate state. Structural resets have dissipated much of the speculative excess, but low profit-taking and loss activity, combined with the inactivity of LTHs, creates an environment prone to volatility.
Glassnode advises investors to closely monitor key technical levels, particularly the DMA 111 and the cost basis of short-term holders. A failure to consolidate above these thresholds could bring the price back to the consolidation range, while a sustained breakout would open the door to a new bullish chapter.
In conclusion, Bitcoin navigates a moment of cautious optimism, according to Glassnode's analysis. Recent momentum has overcome significant hurdles, but the current resistance poses a critical challenge. The upcoming price movements will determine whether the market is ready for a new growth cycle or, conversely, faces a correction that would test investors' patience.