Glassnode Analysis Suggests Bitcoin Short-Term Holders May Influence BTC Support Near $110,000

Key Points

1. Short-term holders (STHs), defined as investors holding BTC for up to 155 days, establish key support levels, with a notable volume gap between $110,000 and $115,000.

2. The absence of support below current prices may lead BTC to test $110,000 to confirm buyer interest, making it a critical zone for traders.

3. Profit-taking by STHs at the $140,000 level could act as a significant resistance, capping BTC's near-term upside potential.

4. Glassnode's data highlights layered resistance levels based on STH purchase prices, with the $140,000 region identified as a probable ceiling due to concentrated selling pressure.

5. Traders can monitor $110,000 as a key support level and $140,000 as a resistance zone, using cost basis dynamics to anticipate price movements.