Since the achievement of the fresh highest all time, almost a month ago, Bitcoin has not done much to provide investors with the intention to discover fresh price territories. Among the announcement of the fresh American trade tariffs and growing geopolitical tensions between Israel and Iran, the most critical cryptocurrency was under the influence of bear to trade up to 101,000.

During the Bitcoin press, nearly USD 104,000 floats after a decrease by 2.03 % on the last day. However, the popular Glassnode analytical company emphasized the key price of monitoring, especially in the arrival of another price drop.

Reading Reading: Bitcoin sees modest profits, but demand weakening limits the groundbreaking potential

$ 95 500 – $ 97,000: Bitcoin line in sand

IN Last x postGlassnode has an insight into the Bitcoin market based on the data of basic distribution heat (CBD). CBD is a common record on a chain that follows price levels at which tokens have recently been purchased or sold. When a significant amount of coins is traded in a certain price range, it creates a supply cluster capable of acting as a level of support or resistance.

According to the Glassnode report, CBD Heatmap Bitcoin shows that the first dense supply cluster below the current market price is a price zone 95,500 – 97,000 USD. Interestingly, this range rests just below low -term costs of owners (STH), which suggests technical convergence and chain to present high battlefields. That is why Glassnode analysts explain that maintaining the market price above this threshold strengthens the stubborn rush and increases the chances of entering the price discovery mode again. However, the failure below the price level USD 95,500 may cause panic selling bear forecasts in the middle of the low -term period. Interestingly, outstanding market analysts, including an anonymous X expert with the username of Mr. Wall Street, supported the last scenario stating that Bitcoin is to be next. Mr. Wall Street Strictly warns Bitcoin would not maintain over 100,000 USD psychological support zone forecasting a price drop to around 93,000 – 95,000 USD, which predicts that Glassnode should cause liquidation of the universal market.

Bitcoin market review

At the time of writing, Bitcoin trades for $ 103,753 with a cumulative 1.27% decrease over the past week. During this period, the flagship cryptocurrency remained largely below USD 106,000, except for a needy price between June 16 and June 17. On a monthly scale, Bitcoin has currently registered a loss of 6.10%, signaling the gradual shift of the shoot with the strength of the bear regaining market control. Meanwhile, with a market capitalization of USD 2.05, “digital gold” still occupies the largest cryptocurrency with 64.3%market dominance.