However, BTC could not continue this rise and fell to $94,000 and encountered resistance at $98,000.
Evaluating the latest situation in Bitcoin, Glassnode said that Bitcoin is on its way to an increase of $ 100,000, but the $ 95,000 support must be maintained and the $ 98,000 resistance must be successfully overcome.
Bitcoin (BTC) Is at a Crucial Decision Point!
Glassnode said that Bitcoin has failed to clear the $98,000 resistance and profit-taking is limiting the upward momentum.
At this point, Glassnode analysts noted that for a potential rally to $100,000, Bitcoin would need to hold the $95,000 support and close above $98,000 on the daily chart.
According to Glassnode data, analysts stated that 86% of the Bitcoin supply is in profit, and said that these high rates generally indicate a bullish period.
However, it also shows potential risks, as historical data shows increased profit taking, especially by short-term investors, when the supply at profit exceeds 80-90%, which can lead to corrections.
Analysts emphasized that Bitcoin is at a key decision point and that closes and price movements above $98,000 are necessary for the continuation of the rise.
In turn, analysts also reminded that failure to maintain the $95,000 support in Bitcoin could lead to a retest of lower levels between $85,000 and $75,000.
A drop to $75,000 would wipe out all gains from the 90-day tariff pause.
*This is not investment advice.
Continue Reading: Bitcoin (BTC) On Its Way to $100,000! Glassnode Reveals Critical Price Levels That Will Determine Bitcoin’s Fate!
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