According to a recent report by Glassnode, Bitcoin's price action is focused on two critical levels: $92,000 as a necessary threshold for upward momentum and $70,000 as a key support zone. The report highlights three significant milestones in Bitcoin's recent price action, including a breakout at $70,000 in November 2024 and a consolidation phase with the lower bound at $90,000. The Short-Term Holder (STH) cost basis and Active Realized Price metrics provide insights into price movements and investor positioning. The report also notes that a liquidity contraction and increased volatility are affecting the crypto market. Furthermore, on-chain data reveals that many Bitcoin holders acquired positions above $90,000, and the market is testing whether they will sell or continue holding despite unrealized losses.



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