Glassnode: The distribution of Bitcoin cost basis shows that holders in the 60K-67K range are firm, and 96K-98K could be a strong resistance level
According to a message from ChainCatcher, Glassnode's analysis of the cost basis distribution of Bitcoin over the past six months reveals key accumulation and redistribution trends, providing insight into investors' market positioning during recent sell-offs.
The data shows that from late September to late October last year, there was strong accumulation of Bitcoin in the $60K-$67K range. Addresses with this cost basis are still holding, keeping their Bitcoin supply visible. The step-like pattern indicates that these addresses continued to accumulate Bitcoin from November through February, with some investors still raising their cost base, showing ongoing participation.
From late December last year to February this year, there was strong accumulation in the $96K-$98K range. Although some addresses at these price ranges are redistributing their Bitcoins, this supply cluster remains very dense and could form a strong resistance if prices return to these levels.
A one-month view shows some distribution of Bitcoins at the $96K-$98K level, especially those accumulated in early February and over the past week. Arrows indicate that investors who bought in September/October are active here by increasing their cost base or continuing to accumulate. A weekly view shows a new demand cluster between $84k-$92k. The current question is whether there is enough demand at these levels to absorb selling pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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