Bitcoin’s $106,600 Resistance: A Key Level to Watch, Says Glassnode

On-chain analytics firm Glassnode has identified a critical Bitcoin price level to monitor: $106,600. Their analysis, utilizing the Bitcoin Cost Basis Distribution (CBD), reveals a significant concentration of coins acquired at this price point. This cluster, totaling approximately 31,000 BTC and originating from December 16th, 2024, represents a substantial supply wall.

The CBD chart illustrates that price levels near Bitcoin’s all-time high (ATH) aren’t densely populated with supply. This indicates a lack of substantial buying at those levels, and likely capitulation from earlier investors. However, the $106,600 level stands out.

While Bitcoin’s recent bullish surge briefly challenged this level, encountering resistance, the source wasn’t necessarily selling from the $106,600 cohort. These holders remain steadfast, suggesting strong conviction. This resilience makes $106,600 a potential short-term resistance point, as underwater investors might seek price recovery to break even.

Institutional ETF Holdings: A Broader Perspective

Beyond this specific price level, cycle analyst Root highlights a decline in institutional Bitcoin ETF holdings during Q1 2025, potentially attributed to de-risking amid trade and tariff uncertainties. This broader market context adds another layer to the Bitcoin price analysis.

Current Market Conditions

At the time of writing, Bitcoin trades around $105,200, exhibiting a nearly 3% weekly gain. The interplay between the $106,600 resistance and larger market trends will be crucial in determining Bitcoin’s short-term trajectory.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.

Source: Data from Glassnode and TradingView.com; image from Dall-E