Bitcoin Supply Clusters Align with Liquidation Pain Points
Glassnode's analysis of on-chain data reveals that Bitcoin's supply clusters are aligning with liquidation zones, suggesting that the current price action is closely tied to these confluence points. The company notes that the cost basis bands and long-term holder supply clusters for BTC line up precisely with leverage pain points.
This alignment has significant implications for price prediction models, which now rely on these confluence zones to determine the next directional move. According to Glassnode's analysis, the current price of $77,900 is sitting within a trading range defined by two cost basis clusters.
The bulls have reason to be optimistic, as the bullish EMA50 at $75,534 and EMA200 at $72,088 act as layered support for BTC. Meanwhile, the RSI at 50.82 remains neutral, and the MACD golden cross signals sustained trend strength.