Glassnode chief research analyst CryptoVizArt said a short-term holder cost-basis distribution heatmap shows a fresh transfer of supply to new buyers in the $62,000 to $65,000 range during Bitcoin’s rebound from $57,000. In his view, that setup cuts both ways. On one side, active buying on the way up could establish a new cost-basis support zone, leaving room for Bitcoin to test $66,000 and higher. On the other, a large share of the recent accumulation appeared late in the local rebound. If Bitcoin fails to break above $66,000 in a convincing way, the risk of a short-term top would rise. He said $66,000 is the key level to watch in deciding between those two outcomes.
Glassnode chief research analyst CryptoVizArt said a short-term holder cost-basis distribution heatmap points to a new wave of supply shifting to new buyers in the $62,000 to $65,000 range during Bitcoin’s rebound from $57,000.
He said the structure has two sides. Buyers were actively accumulating during the rise, which could create a new cost-basis support area and set up conditions for Bitcoin to test $66,000 and above.
At the same time, he said much of this round of accumulation was concentrated near the end of the local rebound. If Bitcoin cannot break through $66,000 effectively, the risk of a short-term top in the market would increase. In his view, $66,000 is the key near-term level for judging which of the two scenarios takes shape.
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