Sun, 22 Jun 2025 01:00:17 +0000

Since reaching a new all-time high nearly a month ago, Bitcoin has struggled to demonstrate a clear path towards further price appreciation. Amidst announcements of new US trade tariffs and escalating geopolitical tensions between Israel and Iran, the leading cryptocurrency has faced bearish pressure, briefly trading as low as $101,000. Currently, Bitcoin is hovering around $104,000, reflecting a 2.03% decline in the last 24 hours. According to data Glassnode, a significant price range to watch is between $95,500 and $97,000, especially if the current downward trend continues. This area represents a crucial battleground for Bitcoin's short-term price action.

Bitcoin's Critical Support Zone

Analysis Glassnode, based on their Cost Basis Distribution (CBD) heatmap, reveals a crucial support area for Bitcoin. The CBD heatmap identifies price levels where substantial amounts of Bitcoin were last traded, indicating potential support or resistance zones. The data suggests that a dense supply cluster exists between $95,500 and $97,000, acting as a near-term safety net.

• This price range aligns just below the cost basis for short-term holders (STH), creating a strong area of confluence between technical analysis and on-chain metrics.
• Holding above this threshold could reinforce bullish momentum and potentially propel Bitcoin back into price discovery.
• However, a break below $95,500 could trigger panic selling, potentially leading to further price declines in the short to mid-term.
• Market analysts, like the anonymous X expert Mr. Wall Street, anticipate a further price drop, potentially down to the $93,000-$95,000 range.

Future Outlook

The near-term performance of Bitcoin hinges on whether it can maintain its position above the $95,500-$97,000 support level. Market sentiment remains cautious, and macroeconomic factors continue to exert influence. Several potential scenarios could play out in the coming weeks, impacting Bitcoin's price trajectory.

• A successful defense of the $95,500-$97,000 range could lead to a rebound towards $110,000 and potentially new all-time highs.
• Failure to hold this support could trigger a deeper correction, with potential targets around $90,000 or even lower.
• Overall, Bitcoin currently trades at $103,753, down 1.27% this past week.
• Bitcoin has a market capitalization of $2.05 trillion, retaining market dominance at 64.3%.

In conclusion, the $95,500-$97,000 range represents a critical juncture for Bitcoin. Monitoring this support level is crucial for understanding the near-term trajectory of the Bitcoin price and overall market sentiment.