Bitcoin (BTC) suffers from pressure from veteran holders to secure profits and should remain bullish if it falls below the six-figure support level of $95,600. June 5th Report By GlassNode.
The report highlighted that after falling below $103,700, the next major level of support was the psychological price level of $100,000, which failed to do with that $95,600.
For now, Bitcoin has surpassed the six-digit mark and is trading at $101,280 as of press time, down 3.8% over the last 24 hours.
GlassNode’s cumulative volume Delta Heatmap shows spot-driven accumulation clusters in regions ranging from $81,000 to $85,000 to $85,000, $93,000 to $96,000 and $102,000 to $104,000. The report rated these zones as potential demand pockets as coins had previously moved in large quantities.
This report provided the first formal support on a used supply distribution (SSD) quantile of 0.95. This was about $103,700, followed by a quantile of 0.85, nearly $95,600. Traders are currently looking at the lower boundaries to measure whether buyers will absorb ongoing sell orders.
The cost base for short-term holders is $97,100. The standard deviation band around that metric sets the statistical marker at $114,800 and a drawback of $83,200.
A critical break below the cost base coincides with historically extended drawdowns, but the rebounds above that often restore bullish momentum.
Veteran investors who make profits
The report attributed the latest moves to long-term holders who collected coins between the $25,000 and $31,000 and the $60,000 to $73,000.
These cohorts achieved an average of $1.47 billion a day last week, marking the fifth instance of profits above the $1 billion threshold.
When adjusted for market capitalization, the average 90-day profit ratio decreases compared to previous cycles, suggesting a shift towards a more measured distribution.
The breakdown of realized profits reveals that holders with tenures of 12 months or more dominate sales, surpassing short-term traders by a 3-1 margin.
This report highlighted a typical pattern for late cycle rotation. A seasoned wallet provides liquidity, and newcomers decide whether to adhere to the level of support.
If the $95,600 SSD level fails, the market could retest a short-term holder cost base of nearly $97,100 as a resistance. Failure to regain this level will place the next test of Bitcoin in a low deviation band of $83,200, which protected the price during the drawdown in March.
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