Bitcoin Cost Basis Map Reveals Key War Zone Between Bulls & Bears

Glassnode's on-chain analysis identifies a Bitcoin price range between $111,000 and $117,000 as a key battleground. The Cost Basis Distribution reveals significant supply held at these levels, representing recent buyers and those who bought during the all-time high rally. The $111,000 level acts as potential support, while $117,000 poses as resistance due to potential panic selling from underwater investors. Retests of these levels could trigger buying or selling, influenced by market sentiment and the direction of the retest. A break in either direction of this range could dictate Bitcoin's next major price movement. The Stablecoin Supply Ratio Oscillator is at cycle lows, suggesting low Bitcoin supply relative to stablecoin liquidity. Historically, this situation precedes stronger buying support upon a return of market confidence. Bitcoin has recently bounced back to $115,400 after a dip, suggesting potential for further volatility. The identified price range remains crucial for determining Bitcoin's near-term trajectory.