This Bitcoin Zone Could Be Market’s Next True ‘Pivot,’ Says Glassnode
Glassnode identifies the $97,000 to $98,000 zone as significant for Bitcoin, based on the Cost Basis Distribution (CBD) indicator, which shows a dense supply area. Investors are sensitive to retests of their cost basis, and a concentration of holders in this range could lead to significant market reactions. A recent market plunge nearly reached this zone, but Bitcoin has since recovered. If declines continue, this area may serve as a pivotal point. The CBD indicates where supply is concentrated but does not reveal buyer or seller identities. Glassnode's behavioral cohorts categorize investors into groups based on their actions: First Buyers, Momentum Buyers, Conviction Buyers, Loss Sellers, and Profit Takers. Recent trends show an increase in Loss Sellers by 29%, indicating capitulation among weaker investors, while Conviction Buyers are also rising, suggesting some investors are maintaining confidence. Bitcoin's current price is approximately $103,900, down over 4% in the past week.
