Bitcoin Resists Key Levels as Resistance Zone Nears
Bitcoin has managed to stay above key on-chain cost levels as it approaches resistance in the $95,000-$97,000 range. This is a significant milestone for the market, with ETF inflows and spot volume strengthening without a corresponding increase in leverage.
In contrast to previous bear markets, Bitcoin has not recorded daily closes below its realized price during this current downturn. The June low also stayed above the realized price, which would become the shallowest bear-market bottom since 2017 if Bitcoin continues to hold above $77,000, its true market mean.
The largest long-term holder supply cluster remains near $84,000-$85,000, while the next major resistance is near $96,700, the mean market-value-to-realized-value price. Options positioning adds another test around $95,000, where positive gamma surged to a high reading on the chart within one day.
Selling pressure remains limited, with weekly net realized profit during the current advance still a small fraction of the levels recorded at the 2024 and 2025 market tops. Nearly all short-term holders have returned to profit, but realized profits remain well below those earlier peak levels.