At the moment of reaching the ATH on December 5, significant transfers from hodlers were observed, which could have caused a sharp drop to $90,500, according to CryptoQuant.
Subsequently, quotes returned to the $102,000 area, but on-chain activity intensified again, indicating a trend towards continued selling pressure, specialists noted.
Glassnode analysts identified the $99,559 mark as intermediate resistance. According to their calculations, this is where the largest accumulation zone below $100,000 has formed (a total of 125,000 BTC).
Cost Basis Distribution (CBD) metric reveals where #Bitcoin supply has clustered at key price levels. Recent data shows $99,559 as the largest accumulation zone immediately below $100K (125K #BTC), while $96K–$98K, with 120K BTC accumulated, shapes up as a potential support in… pic.twitter.com/HRad9Jh3I9
— glassnode (@glassnode) December 9, 2024
Experts highlighted the $96,000-98,000 zone as support. In this range, investors acquired approximately 120,000 BTC.
The analysis is based on the new Cost Basis Distribution (CBD) metric. It groups coin supply by key price levels.
From December 9 to 10, the volume of liquidations in the cryptocurrency market amounted to $1.75 billion, including $1.57 billion in longs.
Earlier, CryptoQuant warned of a possible halt in the bitcoin rally.
Prior to this, Real Vision’s chief analyst Jamie Coates suggested that the digital gold rate might enter a correction in two to three months.