This Bitcoin Level Could Be To Watch In The Short Term, Glassnode Says
The Bitcoin Cost Basis Distribution (CBD) indicates significant investor activity at the $106,600 price level, where approximately 31,000 BTC were last purchased on December 16. This level is notable due to the low density of supply at higher price points, suggesting that many investors who bought near the all-time high have already capitulated. The presence of a large supply wall at $106,600 may create resistance, as underwater investors seek to break even. Despite recent price movements, holders of the $106,600 BTC remain steadfast, indicating potential resilience. Additionally, institutional Bitcoin exchange-traded fund (ETF) holdings decreased by 10% in Q1 2025 due to market uncertainties. Bitcoin's current price is around $105,200, reflecting a nearly 3% increase over the past week.
