glassnode: Bitcoin Supply Distribution Above $80,000 Forms Persistent Price Barrier
BlockBeats News, January 15th, glassnode concluded through the latest Bitcoin Short-Term Holder Cost Basis Distribution (CBD) heatmap that the consolidation of the Bitcoin price in the $80,000 to $95,000 range was due to concentration of overhead supply, forming resistance against the recent buyer cost basis.
The heatmap shows that the overhead supply in this range has hindered multiple rebound attempts, causing the price to stagnate, despite continued increasing buying interest after pullbacks. If demand persists above $80,000, a breakout may be triggered.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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