The on-chain analytics firm Glassnode has highlighted the $97,000 to $98,000 zone as an important one for Bitcoin. Here’s why.
Bitcoin CBD Suggests Build Up Of Supply In This Range
In a new post on X, Glassnode has discussed about a potentially significant zone for Bitcoin based on the Cost Basis Distribution. The Cost Basis Distribution (CBD) is an indicator that measures the amount of the BTC supply that investors last purchased or transferred at the various price levels.
As is visible in the above graph, there is a dense supply zone located between $97,000 to $98,000. Generally, investors are quite sensitive to retests of their cost basis, so a large amount of them (or alternatively, a few large holders) having their acquisition level inside a narrow range could make retests of it significant for Bitcoin.
When the mood in the market is bullish, holders can react to retests of their cost basis from above by buying more. They may do so believing that the same level wou
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