A June 5 report from analytics firm Glassnode warns that Bitcoin (BTC) must defend the key $95,600 support level to sustain its bullish trend if prices fall below the six-figure threshold. The alert comes as veteran investors cash in on gains, putting downward pressure on the cryptocurrency.
Key Support Levels in Focus
After breaking below $103,700, Glassnode notes that BTC’s next major supports are the psychological $100,000 level and, if that fails, $95,600. As of press time, Bitcoin was trading at $101,280—down 3.8% in 24 hours—still above six figures but edging closer to critical zones.
The report highlights “demand pockets” identified by its Cumulative Volume Delta heatmap, including clusters at $81,000–$85,000, $93,000–$96,000, and $102,000–$104,000. These areas saw significant historical trading volume, suggesting potential buying interest if prices dip.
Technical Indicators Signal Caution
Glassnode defines formal support levels using its Spent Supply Distribution (SSD) metric:
The first line of defense sits at the 0.95 SSD quantile ($103,700), followed by the 0.85 quantile near $95,600.
Traders are monitoring whether buyers will absorb sell orders at these lows.
Short-term holders (STHs) have a cost basis of $97,100. Statistical bands around this metric show upside resistance at $114,800 and downside risk at $83,200. Historically, a decisive break below STH cost basis has preceded prolonged declines, while rebounds above it often reignite bullish momentum.
Market Watchers Eye $95.6K Threshold
With long-term holders increasingly taking profits, the $95,600 level has emerged as a make-or-break point for BTC’s uptrend. A sustained breach could trigger further selling, while a rebound above $100,000 would signal resilience. The cryptocurrency’s ability to hold these support zones will likely dictate near-term market sentiment.
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