Bitcoin (BTC) approached $98,000 before stabilizing around $96,000, marking a 5.5% increase. Glassnode's analysis indicates that mechanical positioning influenced the recent price movement, while structural demand and liquidity remain inconsistent. The current price is within a cluster of long-term holder supply, between $93,000 and $110,000. Option dealers are reportedly selling into rallies, creating resistance. The short-term holder cost basis is at $98,300; holding above this level is needed for sustained uptrends. Long-term holders are selling less aggressively than before. Spot ETFs have turned positive, becoming primary buyers, with Bitcoin ETFs registering $1.5 billion in net inflows for January, according to Farside Investors data.

Bitcoin (BTC) approached $98,000 before stabilizing around $96,000, marking a 5.5% increase. Glassnode's analysis indicates that mechanical positioning influenced the recent price movement, while structural demand and liquidity remain inconsistent. The current price is within a cluster of long-term holder supply, between $93,000 and $110,000. Option dealers are reportedly selling into rallies, creating resistance. The short-term holder cost basis is at $98,300; holding above this level is needed for sustained uptrends. Long-term holders are selling less aggressively than before. Spot ETFs have turned positive, becoming primary buyers, with Bitcoin ETFs registering $1.5 billion in net inflows for January, according to Farside Investors data.