On-chain analytics firm Glassnode has revealed a Bitcoin price range that defines the current battleground between recent buyers and profit-takers.
Bitcoin Cost Basis Distribution Shows Where Resistance & Support Are Strongest
In a new post on X, Glassnode has talked about where support and resistance levels lie for Bitcoin based on the Cost Basis Distribution (CBD). This indicator basically tells us about the total amount of supply that last changed hands at the various price levels that the cryptocurrency has visited in its history.
Below is the chart shared by the analytics firm that shows the trend in this metric over the last few months.
As is visible in the graph, the CBD highlights two levels for holding a dense amount of the cryptocurrency’s supply (shaded in red). The lower of these levels is situated near $111,000. A large chunk of buying at this mark occurred during the recent bearish phase in the asset.
The other level is located around $117,000, made up
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