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

Bitcoin is currently retesting a historically significant level known as the 0.85 supply quantile. This level, around $109,000, represents a critical profitability threshold for investors. On-chain analytics firm Glassnode highlights this quantile as a major deciding factor for Bitcoin's price trajectory. In the past, holding above this level has often triggered substantial rallies. Conversely, falling below it has typically led to a significant decline towards lower quantile bands. Bitcoin previously surged past the 0.95 quantile during its recent all-time high rally. However, the subsequent market downturn caused it to slip below this higher profit margin level. The cryptocurrency has experienced brief dips below the 0.85 quantile but has managed to recover each time. Currently, Bitcoin is trading right at this crucial 0.85 quantile, indicating roughly 85% of the supply is in profit. The ability of Bitcoin to maintain its position above this level will be a key indicator for its future price movements.