Bitcoin’s price has been a bit of a rollercoaster lately. After hitting a new high a month ago, it’s been struggling, dipping as low as $101,000 due to things like new US tariffs and rising tensions between Israel and Iran. Currently, it’s hovering around $104,000, down slightly from yesterday.
A Crucial Price Range
But data analysts at Glassnode have identified a super important price range to watch: $95,500 to $97,000.
They use something called a Cost Basis Distribution (CBD) heatmap. Basically, this heatmap shows where a lot of Bitcoin was last bought or sold. Big clusters of trades at certain prices can act as support (holding the price up) or resistance (preventing the price from going higher).
Glassnode’s heatmap shows a big cluster of Bitcoin around $95,500 – $97,000. This is just below where short-term holders bought their Bitcoin, making this range a potential battleground for the price.
If Bitcoin stays above $95,500, it’s good news – it could signal a return to growth. But if it falls below that level, it could trigger a wave of selling and push the price down further.
Bearish Predictions
Some analysts, like the X user “Mr. Wall Street,” are predicting a drop. They think Bitcoin won’t stay above $100,000 and could fall to around $93,000 – $95,000, potentially causing a market crash. This aligns with Glassnode’s prediction of what would happen if the $95,500 level breaks.
Bitcoin’s Current State
Right now, Bitcoin is trading at around $103,753, down about 1.27% this week and 6.10% this month. It’s still the biggest cryptocurrency, with a market cap of over $2 trillion and a market dominance of 64.3%. But the recent trends suggest a bearish shift in momentum.
