Bitcoin encounters resistance at ~$98,000 – what does this mean? 📉
According to new on-chain analysis data from Glassnode, Bitcoin has **struggled to break the price range of approximately $98,000 – $98,400 and subsequently **the price turned around to decrease to around $89,000 before Thursday's trading session.
📊 Why is Bitcoin facing resistance at this level?
• Recent buyers have accumulated BTC at prices near this level, and many have chosen to sell when the price reached breakeven, creating strong selling pressure.
• On-chain data shows that the supply of BTC is in the hands of short-term holders, creating a 'supply wall' that makes it hard for the price to surpass ~98,000 USD.
🔍 How can this be understood?
• When the price reaches levels like 98 k – 100 k where many previous buyers have equivalent costs, they tend to sell to recover their capital → leading to increased selling pressure.
• As a result, Bitcoin has not been able to break through the strong resistance area, and the price has pulled back for a correction.
📌 Market signals:
• This is not necessarily a reversal of the long-term trend but mainly a phase of correction or consolidation after the price increase.
• If the buying demand is strong enough to absorb the existing supply at 98 k, then Bitcoin could retest the 100 k mark or higher after this resistance is broken.
👉 In summary:
The ~$98,000 area is currently an important psychological point as many previous buyers have their breakeven costs here — this creates temporary selling pressure and hinders the upward momentum. Observing on-chain supply and the behavior of short-term/long-term holders is a way to help you better understand the current structure of the Bitcoin market.
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