CandleFocus

Bitcoin Hits $100K Briefly Before Retracing: CBD Metric Reveals Key Levels

Author: Content Editor
Analyses have identified important Bitcoin levels to watch as the ongoing retracement continues. Glassnode's Cost Basis Distribution metric shows major accumulation and distribution zones, with the $39,000-$40,000 range having the highest accumulation in the past year. However, there is a liquidity gap below $88,000 that could amplify volatility if Bitcoin retraces to this level. The $62,000-$64,000 range is another major accumulation zone, while the $96,000-$98,000 range is an important support zone. Analysts expect Bitcoin to trade between $90,000 and $110,000 through the end of the year, with a break above $100,000 reigniting bullish momentum. It is important to watch Bitcoin's behavior around the $96,000-$98,000 range as it is a major support area, while resistance above $98,000 could cap upward momentum in the short term.

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