Bitcoin's Price Reclaims Key Levels as Options Market Maker Hedging Converges at $95,000

Bitcoin's price has been on a remarkable run, and according to Glassnode's analysis, it has not broken below its realized price this bear cycle. In fact, the price has reclaimed both the true market mean and the long-term holder cost basis, indicating that sell pressure remains light.

The next major test for Bitcoin lies around $95,000 to $97,000, where options market maker hedging converges with the mean MVRV (Moving Average Realized Value) price. This is a key level of resistance, as it marks the point at which average holder profitability reverts to historical norms.

Interestingly, despite the rally, traders have barely added new leverage, and altcoins are rising broadly without significant additions to their positions. The scale of realized profits remains modest compared to previous peaks, suggesting that holders are not yet distributing their coins aggressively.