Analysis Company Reveals Event That Will Trigger a Bull Run to Bitcoin ATH: “From Here On Out, It’s Easy”

Cryptocurrency analysis company Glassnode, in its latest report, drew attention to Bitcoin’s technical and on-chain indicators and announced that the market has entered a critical turning point. The company stated that Bitcoin is testing the important resistance level in the $93,000–$95,000 band and that if it can stay above this level, a new uptrend may begin. According to the report, Bitcoin price is testing the first wave of resistance as it breaks above the 111-day moving average (111DMA) at $91,300 and the cost floor for short-term traders at $93,200. These technical levels also coincide with the lower boundary of the consolidation zone seen between November 2024 and February 2025. Glassnode said that a breakout in this zone could indicate that the price has ended its current downtrend and formed a new structure that is forming “higher highs.” On-chain data suggests that the speculative excess in the market has largely been cleared out with recent price corrections. Noting that long-term investors (LTH) are still inclined to hold on to their assets, Glassnode said that the accumulation pressure is stronger than the selling and risk aversion trend. Related News: Countdown Has Started: This Event Will Be Followed Next Week in Bitcoin! How Will It Affect BTC Price? Analysis Company Explained! However, if the rise continues, LTHs are expected to increase selling pressure due to unrealized profits of over 350%. In addition, there is a dense cluster of coins just above the spot price, close to the breakeven cost of investors. According to analysts, this could create additional selling pressure as the price approaches the $95,000–$98,000 range. Glassnode notes that there is relatively low-cost coin volume in the region above $100,000. Therefore, if the price can overcome the selling pressure in the $95,000–$98,000 range, it is evaluated that the price discovery process for new all-time highs (ATH) could be entered. *This is not investment advice. Continue Reading: Analysis Company Reveals Event That Will Trigger a Bull Run to Bitcoin ATH: “From Here On Out, It’s Easy”

Source: BitcoinSistemi