Bitcoin CBD Heatmap Marks $95,500–$97,000 As Make-Or-Break Zone – Details

Semilore Faleti

4 weeks ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Since hitting a new all-time high almost a month ago, Bitcoin has done little to assure investors of intent to explore new price territories. Amid announcement of new US trade tariffs and rising geopolitical tensions between Israel and Iran, the premier cryptocurrency has come under bearish influences to trade as low as 101,000.

At press time, Bitcoin is hovering near $104,000 following a 2.03% % decline in the past day. However, popular analytics company Glassnode has highlighted a crucial price range worth monitoring especially in the advent of a further price decline.

$95,500–$97,000: Bitcoin’s Line In The Sand

In a recent X post, Glassnode shares an insight into the Bitcoin market based on data from Cost Basis Distribution (CBD) heatmap. The CBD is a common on-chain metric that tracks the price levels at which tokens were last purchased or sold. When a substantial amount of coins are traded within a specific price range, it forms a supply cluster capable of acting as a support or resistance level.

According to Glassnode’s report, the Bitcoin’s CBD heatmap shows the first dense supply cluster below the current market price lies at $95,500 – $97,000 price zone. Interestingly, this range rests just below the short-term holders (STH) cost basis suggesting a confluence of technical and on-chain metric to present a high-stake battleground.

Therefore, Glassnode analysts explain that holding the market price above this threshold reinforces bullish momentum and boosts Bitcoin chances of re-entering a price discovery mode. However, a breakdown below the $95,500 price level could trigger panic selling supporting bearish projections for the mid-term to short-term.

Interestingly, prominent market analysts including anonymous X expert with username Mr. Wall Street has backed the latter scenario stating Bitcoin is due for a further price drops. Mr. Wall Street strictly warns Bitcoin would not hold above the $100,000 psychological support zone forecasting a price fall to around the $93,000 – $95,000 which Glassnode predicts should induce widescale market liquidations.

Bitcoin Market Overview

At the time of writing, Bitcoin is trading at $103,753 with a cumulative 1.27% decline in the past week. During this period, the flagship cryptocurrency remained largely under $106,000 barring a weak price breakout between June 16 and June 17.

On a monthly scale, Bitcoin has now recorded a 6.10% loss, signaling a gradual shift in momentum with bearish forces regaining control of the market. Meanwhile, with a market cap of $2.05 trillion, the “digital gold” continues to rank as the largest cryptocurrency with a reported market dominance of 64.3%.

Featured image from Pexels, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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.