Bitcoin Eyes $100K But Faces Key Resistance at $98K, Says Glassnode
Bitcoin (BTC) surged above $97,000 in recent days, driven by renewed bullish momentum.
However, the leading cryptocurrency has since retraced to around $94,000, as it struggles to break through the critical $98,000 resistance zone.
According to blockchain analytics firm Glassnode, BTC is at a pivotal decision point. For Bitcoin to continue its push toward the highly anticipated $100,000 milestone, analysts say two conditions must be met: the $95,000 support level must hold, and the price must post a daily close above $98,000.
Currently, 86% of Bitcoin’s circulating supply is in profit. While this typically signals bullish sentiment, Glassnode cautioned that historically, when more than 80–90% of supply is in profit, short-term holders often begin to take profits — leading to temporary corrections.
If Bitcoin fails to maintain its footing above $95,000, Glassnode warned that a drop toward the $85,000–$75,000 range could be on the table. For now, BTC remains at a crucial technical and psychological threshold, with traders watching closely for a decisive move in either direction.
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
