Glassnode’s latest CBD Heatmap update highlights a critical support zone for Bitcoin between $95,500 and $97,000. This zone marks the first dense supply cluster below the short-term holder cost basis at $98,000.
Analysis of Key Support Zone
According to the on-chain analytics firm, maintaining price action above this range would support a continuation of the broader bullish trend. The current price range of $95,500 - $97,000 is perceived as a pivotal threshold in the market structure.
Market Forecast
If bulls defend this zone, Bitcoin may continue its recovery trajectory toward $111,000 and beyond. Conversely, a drop below $95,000 could put short-term holders underwater.
Conclusion and Observations
The current CBD map shows significant accumulation of on-chain volume at this support level, emphasizing its importance in the context of market sentiment. Market participants are closely watching for confirmation of support or signs of weakness that may lead to increased sell-side pressure.
The behavior of Bitcoin within this key support zone will be critical in the coming days, as it may determine the future dynamics of the cryptocurrency market.
