Glassnode sees $95K to $97K as Bitcoin’s next major test

Bitcoin’s recovery could extend toward $95,000 to $97,000 as ETF inflows strengthen and spot market activity returns, according to Glassnode.

Bitcoin has moved above its $77,000 True Market Mean and a major long term holder supply cluster around $84,000 to $85,000. Glassnode identified the next major resistance at $96,700, close to where options positioning is also concentrated.

Holding above $84,000 would keep the path toward that resistance zone open. A move back below $84,000 would put the $77,000 support level back in focus.

Selling pressure has remained relatively light during the rally. Weekly realized profits are still well below levels seen near the 2024 and 2025 market tops, suggesting holders have not yet begun taking profits aggressively.

US spot Bitcoin ETFs have also returned to net buying, attracting about $1.3 billion over five days after two consecutive weeks of outflows. The latest session produced the largest single day inflow since early July.

Spot trading activity has strengthened alongside price. Twenty four hour exchange volume has climbed 121% since the rally began, marking the first major volume expansion in roughly a year to occur while Bitcoin was rising rather than falling.

Altcoins have also participated without a comparable buildup in leverage. About 72.5% of tracked altcoins outperformed Bitcoin over the past week, while perpetual futures open interest has barely increased over the past 30 days. Glassnode said the move appears to be driven primarily by spot buying.

Glassnode said Bitcoin’s June low also remained above its Realized Price, unlike the prolonged breaks below that level seen during previous bear markets.

If Bitcoin continues holding above $77,000, the firm said the June low would represent the shallowest bear market low among the cycles it examined since 2017.