Bitcoin Eyes $100K But Faces Key Resistance at $98K, Says Glassnode

Bitcoin (BTC) surged above $97,000 in recent days, driven by renewed bullish momentum.

Bitcoin (BTC) price is at a pivotal decision point, according to blockchain analytics firm Glassnode.

If Bitcoin can maintain its support above $95,000 and close a day above the $98,000-$97,000 band, then it has potential to continue higher towards the $100,000 milestone.

But if the $95,000 support fails and there is another lower low, then a move towards the $85,000-$75,000 band is possibilities.

Bitcoin price dropped to $94,000 after struggling to break through the critical $98,000 resistance zone.

Earlier this week, BTC surged above $97,000 as it encountered strong resistance at the $98,000-$97,000 band.

After struggling to maintain its gains, Bitcoin experienced another round of selling pressure, pushing the price below the $95,000 support level.

As Bitcoin attempts to navigate this crucial technical and psychological threshold, traders are keenly following its movements for a decisive move in either direction.

Bitcoin faces key resistance at $98K but has support at $95K: Glassnode

Bitcoin is at a pivotal decision point. If the $95,000 support holds and the price can sustain a daily close above the $98,000-$97,000 band, then we have potential for continuation higher towards the $100,000 milestone.

However, if this $95,000 support fails and we see another lower low, then a move towards the $85,000-$75,000 band is possibilities.

At present, 86% of Bitcoin’s circulating supply is in profit. While this typically signals bullish sentiment, historically, when more than 80–90% of supply is in profit, short-term holders usually begin to take profits, leading to temporary corrections.