#Glassnode: Bitcoin Encounters Major Resistance at $97K Amid Mounting Sell Pressure
Summary
$100K Breakout May Face Delay as 392K BTC Hover Around Break-Even Zone
As Bitcoin inches closer to the $100,000 mark, fresh insights from on-chain analytics firm Glassnode reveal a significant resistance point at $97,000, where considerable sell-side pressure could slow down momentum.
According to Glassnode's latest report, roughly 392,000 BTC are held by investors whose acquisition cost is concentrated near the $97K level. These holders may opt to sell at break-even, introducing a potential supply barrier that could stall Bitcoin’s rally.
Cost Basis Cluster Emerges as Barrier Near $97K
"Before Bitcoin can surpass the $100,000 milestone, it must first overcome intense supply-side resistance," Glassnode noted.
The cost basis distribution map identifies $97K as a critical level filled with investors who may choose to exit or reduce risk exposure—especially following recent market turbulence. This cluster not only represents a technical resistance but also carries psychological weight.
Market Outlook: Bulls Target $100K, But Face a Supply Wall
Bitcoin is currently hovering around $94,000 to $95,000, buoyed by ETF-driven inflows, favorable macro conditions, and strong institutional interest.
Despite renewed bullish sentiment, Glassnode warns that a breakout past $100K will require absorbing heavy selling pressure within the $96K–$98K band.
"This zone is where many previous buyers might exit positions after recovering from drawdowns," the report explains.
Historical Context
Resistance at densely packed cost basis levels is a recurring pattern in Bitcoin’s bull cycles. Similar congestion zones appeared near $20K in late 2020 and $64K in 2021, both leading to temporary pauses or corrections before further upward movement.
The current standoff at $97K highlights how psychological thresholds and concentrated holdings can influence price action underscoring the need for sustained spot demand and strong institutional backing to push through key resistance levels.
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