Bitcoin’s (BTC) transfer into new all-time highs leaves statistical room for it to succeed in $130,000 earlier than historic demand exhaustion zones, in line with a July 16 report by Glassnode.
Bitcoin broke out of a multi-week vary of $100,000 to $110,000 and printed a brand new excessive close to $122,000, clearing dense cost-basis clusters the place consumers had concentrated between $93,000 and $97,000 and $104,000 and $110,000.
Buyers who constructed positions in these bands now anchor potential pullback help as value discovery resumes above prior resistance, giving merchants a reference ladder for draw back exams ought to momentum fade.
Positioning above heavy value bands
The report examined its Value Foundation Distribution Heatmap and located concentrated acquisition within the two decrease zones that Bitcoin simply cleared. Clearing these provide cabinets usually converts them into help, as beforehand underwater or flat‑PnL holders flip into defenders of entry value.
With spot now properly above each clusters, desks monitoring draw back absorption will watch whether or not bids reappear if Bitcoin revisits the $104,000 to $110,000 band.
Revenue saturation builds
The report additionally assessed Glassnode’s Value-Foundation Distribution Quantiles, which confirmed a spot above the ninety fifth percentile stage at $107,400. This locations the majority of the circulating provide in revenue.
Moreover, the report said that sharp bursts above this percentile in prior cycles drew heavier profit-taking as a widening investor base captured features, raised combination value bases, and created extra price-sensitive possession constructions.
That dynamic can result in top-heavy situations when repeated on a bigger scale.
Bitcoin rose to $122,600 after which retraced to $115,900 as traders offered into power as soon as the worth prolonged multiple normal deviation above the Quick-Time period Holder (STH) value foundation.
Historic research within the report point out that STH+1 continuously serves as a tactical resistance zone throughout speculative phases.
The report recognized the following resistance on the STH+2 band close to $136,000. Merchants eyeing a psychological $130,000 stage view it as an intermediate waypoint inside that statistical vary.
Demand exhaustion threat
Quick‑time period holder situations now sit within the early overheated zone. The report measured 95% of STH provide in revenue, multiple normal deviation above the lengthy‑time period imply of 88% and the third such break since early Might 2025.
It concluded that repeated excursions into overheated revenue realization territory have traditionally preceded broader market demand exhaustion.
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