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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin At Key Retest: Bounce Or $98,000 Next?

Keshav Verma
Keshav Verma
Last Updated: November 1, 2025 5:00 am
3 mins read
Bitcoin

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On-chain data shows Bitcoin is currently retesting a historically significant level that has often decided the course of the cryptocurrency’s price.

Bitcoin Is Retesting The 0.85 Supply Quantile

In a new post on X, on-chain analytics firm Glassnode has talked about how Bitcoin is retesting a level that has historically been a “make-or-break” one for the asset.

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The level in question is part of Glassnode’s “Supply Quantiles Cost Basis Model.” The model reflects price levels corresponding to important investor profitability thresholds.

Below is the chart shared by the analytics firm that shows how the levels of this model have changed over the last few years.

Bitcoin Supply Quantiles

Looks like BTC is currently trading around the middle band | Source: Glassnode on X

As is visible in the graph, Bitcoin surged above the 0.95 quantile during the recent rally to the all-time high (ATH). This level corresponds to 95% of the supply being in profit.

With the market downturn that has followed since, however, the cryptocurrency has slipped under the level. Recently, the asset has been making retests of the 0.85 quantile, situated at $109,000.

BTC has already seen brief drops below this mark, but so far, it has managed to climb back above it each time. At present, the coin is trading right around the level, indicating that about 85% of the supply is carrying a net unrealized gain.

In the past, Bitcoin’s interactions with this level have tended to carry consequences for its trajectory. “Holding it has sparked major rallies, but losing it often sees a slide toward the 0.75 band,” noted Glassnode.

The 0.75 quantile is equivalent to $98,000 at the moment. It now remains to be seen whether BTC can hold above the 0.85 quantile, or if a retrace to this level is coming.

In some other news, the latest decline in Bitcoin below $107,000 came alongside negative values on the Coinbase Premium Gap, as pointed out by CryptoQuant community analyst Maartunn in an X post.

The Coinbase Premium Gap measures the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair). The metric basically tells us about how the behavior of the users on the former exchange differ from that of the latter platform.

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As the below chart shows, the metric was at positive levels on Wednesday, but the indicator turned red on Thursday.

Bitcoin Coinbase Premium Gap
How the BTC Coinbase Premium Gap changed during the recent bearish price action | Source: @JA_Maartun on X

The trend would imply that Coinbase traders, primarily made up of American institutional entities, sold the cryptocurrency at a higher intensity than Binance’s global whales during the Bitcoin drawdown.

BTC Price

Since the wave of selling on Coinbase, Bitcoin has witnessed some recovery back to the $109,500 level, reclaiming the 0.85 quantile once again.

Bitcoin Price Chart
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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