Bitcoin Eyes Key Resistance as ETF Inflows Boost Price
Bitcoin's price recovery gained momentum on Friday as spot-market activity and U.S. spot Bitcoin ETF inflows supported a move through key on-chain cost-basis levels.
The largest concentration of long-term-holder supply was between $84,000 and $85,000, leaving the market close to a key area where existing holders may influence trading activity.
Analysts identified $96,700 as the next major on-chain resistance based on the mean market-value-to-realized-value price. This metric compares the market value of circulating coins with their aggregate on-chain cost basis.
Bitcoin's realized price measures the average on-chain cost basis of circulating coins, while MVRV (mean market-value-to-realized-value) marks a level where average unrealized gains move back toward a longer-term norm.