Emre Yumlu 
The cryptocurrency market has been buzzing with volatility in recent days. Bitcoin (BTC) briefly dipped below $110,000, leaving investors wondering: will the decline deepen, or is another rally on the horizon? On-chain analytics platform Glassnode has shared new insights, shedding light on the most critical price levels for the leading cryptocurrency.
$93K – $110K: A Strong Accumulation Zone for Bitcoin
According to Glassnode, since Bitcoin surpassed the $100,000 milestone for the first time in December 2024, a clear accumulation range has emerged between $93,000 and $110,000. This zone has become home to a strong cluster of buyers, serving as a market foundation for months.
However, analysts caution that if selling pressure intensifies, the market could face a capitulation risk—a scenario where a wave of selling drives the price down more sharply.
Rising Cost Basis for Short-Term Bitcoin Holders
Glassnode data also points to a rising cost basis for short-term holders, highlighting the pressure this group currently faces. Specifically:
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1-month holders’ cost basis: $113,600
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3-month holders’ cost basis: $115,600
With Bitcoin trading below both of these thresholds, many short-term investors are effectively sitting just below break-even. This dynamic could create strong selling pressure if prices approach those levels again.
Break-Even Selling Pressure Ahead
Analysts at Glassnode emphasize that short-term investors are psychologically “underwater.” This means that any rally pushing Bitcoin closer to their cost basis could trigger profit-taking or break-even selling, making it harder for BTC to sustain momentum above the $113K–$115K range.
In practical terms, the market may face resistance at these levels, as investors who have been waiting to recover losses could view them as an opportunity to exit positions.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets carry significant risk, and you should always conduct your own research before making investment decisions.
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