Bitcoin's Critical $97K Support and Resistance Levels Signal Potential Breakout

Bitcoin has recently rebounded above $105,000 after a significant decline driven by macroeconomic influences, including high-profile disputes involving Donald Trump and Elon Musk that increased volatility in an already correction-prone market. Amid this market turbulence, Glassnode's on-chain analysis highlights critical price levels that could dictate future movement. The Short-Term Holder cost basis, currently around $97,100, reflects the average purchase price of Bitcoin held by recent investors—an important indicator of market sentiment and risk appetite. The analysis points out that crossing the $114,800 resistance could unleash substantial buying momentum, propelling Bitcoin into new highs, while falling below the $83,200 support might indicate a bearish shift. Currently trading at approximately $105,745, Bitcoin’s position above the $97,100 level provides a bullish opportunity, but breaching the support would likely lead to a test of lower levels with possible downside risks.