According to Glassnode, Bitcoin is currently trading near a sell wall located between $85,000 and $85,500. Analysts suggest that if the asset overcomes this resistance, the price could potentially reach $96,700, a level identified as the mean Market Value to Realized Value price.
Data indicates a shift in market dynamics as leverage in derivatives markets cools down. While futures open interest has returned to its normal range and options interest dropped following quarterly expiry, on-chain activity shows significant growth. Metrics such as active addresses, transfer volume, and transaction fees have all risen above their high bands.
Institutional demand via ETFs has slowed compared to previous weeks, with net inflows remaining positive but significantly lower. Spot market participants have emerged as net buyers, while realized capitalization and the share of hot capital—representing coins moved recently—remain elevated.
Profit-taking activity is currently running well above its historical range. Approximately three-quarters of the total Bitcoin supply is currently in profit. Short-term holders, defined as those holding coins for less than 155 days, have seen their unrealized gains and realized profits climb significantly.
The potential climb toward $96,700 depends on whether current buyers maintain their positions or choose to sell into resistance. Glassnode notes that while leverage has moderated, it has not disappeared, and the market remains sensitive to the behavior of recent buyers and ETF holders.
