The Analysis Company Announced the Event That Will Trigger a Bull Rally to ATH in Bitcoin: "The Next Steps Will Be Very Easy"

The crypto analysis company Glassnode, in its latest report, highlighted the technical and on-chain indicators of Bitcoin, stating that the market has entered a critical juncture.

The company stated that Bitcoin has tested the important resistance level in the range of 93,000–95,000 dollars, and if it maintains above this level, a new upward trend may begin.

According to the report, the Bitcoin price is testing the first resistance wave with the 111-day moving average at $91,300 and surpassing the cost basis of short-term investors at $93,200. These technical levels also correspond to the lower boundary of the consolidation zone observed between November 2024 and February 2025. Glassnode stated that a breakout in this region could indicate the establishment of a new structure that ends the current downtrend and creates “higher peaks.”

On-chain data indicates that the speculative excess in the market has largely been cleaned up along with the recent price corrections. Glassnode, noting that long-term investors tend to hold onto their assets, stated that the accumulation pressure is stronger than the tendencies to sell and avoid risk.

In contrast, it is anticipated that if the uptrend continues, the selling pressure could increase due to unrealized profits of over 350% for LTHs. Additionally, there is a dense cluster of coins just above the spot price, close to the breakeven cost for investors. According to analysts, this indicates that it could create additional selling pressure as the price approaches the range of $95,000–$98,000.

Glassnode notes that in the region above $100,000, there is a relatively low-cost coin volume. Therefore, if the price can overcome the selling pressure in the $95,000–$98,000 range, it is considered that a price discovery process could be entered to (ATH) new all-time highs.