According to Santiment data, wallets holding between 100 and 1,000 BTC have increased their holdings by 113,950 BTC since July 15. This activity raised the group's total balance by 2.22%, reaching approximately 5.24 million BTC. Analysts note that this cohort has historically tracked market direction, often accumulating assets before or during significant price rallies.
Bitcoin experienced volatility this week, briefly crossing $84,000 on September 21, which led to the liquidation of $262.30 million in short positions. However, a rise in the 10-year Treasury yield above 5% following a US PMI report pressured the asset, causing it to slip below the $84,000 mark on Wednesday.
On-chain data from Glassnode indicates a significant cluster of long-term holder supply between $84,000 and $85,000. While the price dipped to approximately $83,800 on Thursday, the next major resistance level is identified in the $95,000 to $97,000 range, where options positioning aligns with the mean MVRV price of $96,700.
Analysts suggest that maintaining a price above $84,000 is necessary to keep the path toward the $95,000–97,000 target open. Conversely, a sustained decline below this level could shift market focus toward the True Market Mean of $77,000.
