en.bitcoinsistemi.com
While the leading cryptocurrency Bitcoin ($BTC) has been on the rise in recent days after the sharp declines it experienced, investors continue to be cautious.
While the rise in $BTC could not fully convince investors, Glassnode analyst explained the critical level that must be passed for the rally to begin.
Glassnode analyst CryptoVizArt said that the $BTC price needs to break the $90,000-$93,000 barrier to reach new highs.
Stating that the average cost base of the majority of recent Bitcoin buyers is between $90,000 and $93,000, the analyst noted that the Bitcoin price may face selling pressure here.
Stating that selling pressure could come from investors who are targeting their positions without making a loss, the analyst argued that a new $ATH will not occur unless the $90,000-$93,000 range is successfully overcome.
“The cost basis of the latest investors who bought during the euphoria from November 2024 to February 2025 is between $90,000 and $93,000.
Any jump into this area is likely to encounter selling pressure from those aiming to exit without losing money.
But without regaining this supply zone, a new $ATH remains a pipe dream.”
Keith Alan, co-founder of trading platform Material Indicators, also shared a similar analysis to the Glassnode analyst, who said that Bitcoin needs to reclaim its yearly opening of $93,300 in 2025 to reach the new $ATH.
Finally, Glassnode wrote in its weekly report that, according to on-chain data, the cost price of short-term investors (STH) is at $93,500. According to Glassnode, as long as this level is not regained in Bitcoin, it will not be possible to talk about a real bull momentum.
*This is not investment advice.