'Rollercoaster' Bitcoin…"Must surpass 101,000 dollars to gain upward momentum"

Analysis has emerged that Bitcoin (BTC) prices are trapped in a structurally fragile trading range. It is pointed out that breaking above the 101,000 dollars range is necessary to secure sustained upward momentum.

On-chain analytics firm Glassnode said in its weekly report on the 17th (local time), "Bitcoin is trapped in a structurally fragile trading range," and "the fact that it gradually fell to 85,600 dollars after encountering resistance near 93,000 dollars recently shows that there is still heavy selling pressure at the top." Glassnode said, "The supply zone of 93,000–120,000 dollars, where past high-price buyers are concentrated, is still suppressing rallies," and "if Bitcoin's price stays below the 0.75 quantile of 95,000 dollars and fails to recover the short-term holders' (STH) 'average purchase price (cost basis)' of 101,500 dollars, upward momentum is likely to be limited."

It cited the 81,000 dollars range as a support level. Glassnode analyzed, "Currently, buying demand around the 'True Market Mean' of 81,300 dollars is stepping in to defend and prevent a deeper (price) collapse," and "over time, accumulating stress from increasing unrealized and realized losses will heighten investors' psychological pressure."

It also analyzed that spot and futures market indicators remain constrained. Glassnode noted, "Spot demand is still selective and short-term," and pointed out, "Buy-ups of Bitcoin by digital asset treasury (DAT) firms occur intermittently, increasing volatility but failing to provide structural support." It added, "In the futures market, de-risking (risk diversification) strategies are spreading," and "open interest (OI) is declining and funding rates remain at neutral levels, indicating a lack of speculative conviction."

Meanwhile, Bitcoin's price briefly surpassed 90,000 dollars that day. However, in just one day it fell more than 5% and tumbled to the 85,000 dollars range. As of 4:36 PM that day, Bitcoin was trading on CoinMarketCap at 86,770.35 dollars, down 0.34% from the previous day.