Bitcoin Resists at $96.7K as Bulls Eye Resistance

Bitcoin's recent price surge has strengthened its recovery structure as it moves above several cost bases. The top cryptocurrency now faces resistance at $96.7K, according to Glassnode.

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

Options positioning on Deribit has also built up in a single day, with positive gamma around the $95,000 strikes reaching its highest level on the chart. This dealer hedging could accelerate Bitcoin's moves between spot and $92,000, while the effect around $95,000 could become more restrictive.

Despite the price rise, investors have not been realizing profits at the intensity seen during previous market peaks. Glassnode shared that weekly Net Realized Profit/Loss during the current move remains a fraction of the levels recorded at the 2024 and 2025 tops.