Glassnode chief research analyst CryptoVizArt said Bitcoin is at a short-term decision point, with $66,000 acting as the key level to watch. In a post cited by BlockBeats on July 19, he said a heatmap of short-term holder cost basis distribution showed a fresh transfer of supply to new buyers in the $62,000 to $65,000 range during Bitcoin’s rebound from $57,000. That setup can be read in two ways. On one hand, steady buying during the recovery may be building a new cost-basis support zone, which could give Bitcoin room to test $66,000 and higher. On the other, the latest wave of accumulation was concentrated near the later stage of the local rebound. If Bitcoin cannot make an effective break above $66,000, the risk of a short-term or phase top would increase. CryptoVizArt described $66,000 as the near-term line separating those two scenarios.
Glassnode chief research analyst CryptoVizArt said Bitcoin may be approaching a short-term inflection point, with $66,000 standing out as the key level.
According to BlockBeats on July 19, a heatmap tracking short-term holder cost basis distribution showed that during Bitcoin’s rebound from $57,000, a fresh round of supply shifted to new buyers between $62,000 and $65,000.
CryptoVizArt said that market structure carries two readings. In one scenario, buyers were actively accumulating as price moved higher, helping establish a new cost-basis support area that could support another test of $66,000 and levels above it. In the other, much of the latest accumulation took place near the end of the local rebound. If Bitcoin fails to break $66,000 effectively, the risk of a phase top would rise.
He said $66,000 is the key short-term level for distinguishing between those two outcomes.
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