This Bitcoin Level Could Be To Watch In The Short Term, Glassnode Says
NewsBTCTuesday, May 20, 2025 at 7:30:25 AM
** Glassnode, a well-known on-chain analytics firm, is pointing to a specific Bitcoin price level—$106,600—as one to watch in the near future. Their analysis focuses on the "Cost Basis Distribution," which shows how much Bitcoin was bought at different price points. Right now, a significant chunk of Bitcoin was purchased around $106,600, making it a potential support or resistance level. In simpler terms, this could be where traders might push the price up or down, depending on market sentiment.
What This Means: ** For Bitcoin traders and investors, Glassnode's insight is like a heads-up—$106,600 isn't just a random number. It's a price where a lot of people originally bought in, which could influence whether Bitcoin bounces back or struggles to break through. If you're keeping an eye on crypto, this is one of those technical details that might hint at where things are headed next. Not a crystal ball, but definitely worth noting.
— Curated via WP Now’s AI editorial system
