#BTCvsMarkets The Bitcoin (BTC) party is over — or has it just begun? Glassnode assesses whether the cryptocurrency rally will continue after surpassing a ‘critical price level’

After reaching $94,300 at the week’s highs so far, the question investors are now asking is: where is the price of Bitcoin (BTC) heading next?

The recent surge was driven by some relief in the macroeconomic outlook, with the easing of tensions between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell.

Additionally, the U.S.-China trade war also saw a temporary truce.

Given the current scenario, Bitcoin’s price is likely to remain without a clear direction. After all, trade tariffs are expected to start affecting prices soon, which should accelerate inflation and, consequently, interest rates.

However, Glassnode, in its weekly market analysis newsletter, points out that some on-chain data showed a certain resilience from BTC after the price surge. In other words, this could mean a more solid base to inspire new price increases.

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A look at Bitcoin (BTC) now

Glassnode’s publication showed that BTC’s momentum briefly pushed the price back above the Short-Term Holders’ (STH) Cost Basis of Bitcoin, which stood at $92,900.

This level is considered a critical point that has historically separated bullish (upward) and bearish (downward) market phases. Sustained movement above this price level has a high chance of boosting market confidence.

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