Bitcoin Breaks Above Key Resistance, Targets $96K

Bitcoin has broken above several key cost bases, strengthening its recent recovery. The cryptocurrency reclaimed support levels around $84,000-$85,000 and is now facing resistance at $96,700.

A report by Glassnode noted that Bitcoin's latest move is notable because it has recovered above the True Market Mean at roughly $77,000 and the Short-Term Holder (STH) Cost Basis. The largest concentration of long-term holder (LTH) supply is now below the current price, around $84,000-$85,000.

The next major resistance is the mean MVRV price at $96.7K. This level marks where the average holder's profit is back to its long-term norm, according to Glassnode. Options positioning is also concentrated around this range, with dealer hedging potentially accelerating Bitcoin's moves between spot and $92,000.