Bitcoin has reached the price zone with the largest concentration of coins held by long-term holders. According to Glassnode, breaking through this zone and holding above it will be crucial for the rally to continue.
Crypto analyst Jelle takes a more optimistic view. He believes a new bullish trend has already begun, pointing to Bitcoin’s break above its 200-day moving averages.
Why the $84,000–85,000 Zone Matters for Bitcoin
Glassnode analysts note that Bitcoin’s advance has slowed below the largest supply cluster. The $84,000–85,000 range contains more coins held by long-term holders than any other price level.
Following a sharp rally, Bitcoin briefly moved above this zone before pulling back to its lower boundary.
Glassnode also identifies two additional reference levels. The lower one is the True Market Mean at $77,200, which represents the average price paid for coins by active market participants.
The upper reference level is the Mean MVRV price at $96,900. This is the price at which the ratio of Bitcoin’s market value to its realized value equals its historical average.
Why Jelle Sees the Start of a Bullish Trend
Jelle focuses on a different signal: Bitcoin has moved above the cluster of 200-day moving averages — the simple MA and the exponential EMA.
The analyst interprets this breakout as the beginning of a new bullish trend. In his view, the market is entering a period that favors buying dips, and Bitcoin will continue moving higher.
BeInCrypto previously reported that Bitcoin had confirmed a break in market structure, which could bring the start of a bull market forward.
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