Bitcoin bulls must guard key $95.6k support as veteran holders cash in on gains

Bitcoin (BTC) is suffering pressure from veteran holders securing gains and must hold the key $95,600 support level to remain bullish if it breaks below six-figures, according to a June 5 report by Glassnode.

The report highlighted that after breaking below $103,700, the next major level of support is the psychological price level of $100,000 and failing that $95,600.

For now, Bitcoin is holding above the six-figure mark and trading at $101,280 as of press time, down 3.8% over the past 24 hours.

Glassnode’s Cumulative Volume Delta heatmap shows spot-driven accumulation clusters in the areas of $81,000 to $85,000, $93,000 to $96,000, and $102,000 to $104,000. The report assessed these zones as potential demand pockets because coins previously moved there in large volumes. 

The report placed the first formal support at the 0.95 Spent Supply Distribution (SSD) quantile, which is roughly $103,700, followed by the 0.85 quantile near $95,600. Traders are now watching the lower boundary to gauge whether buyers will absorb ongoing sell orders.

The short-term holder’s cost basis stands at $97,100. Standard deviation bands around that metric set statistical markers at $114,800 on the upside and $83,200 on the downside. 

A decisive break below the cost basis historically coincides with extended drawdowns, while a rebound above it often restores bullish momentum.

Veteran investors realizing profit

The report attributed the latest move to long-term holders who had amassed coins between the $25,000 to $31,000 and $60,000 to $73,000 ranges. 

These cohorts realized profits averaging $1.47 billion a day last week, marking the cycle’s fifth instance of profit-taking above the $1 billion threshold. 

When adjusted for market capitalization, the 90-day average profit-to-cap ratio has declined compared with prior cycles, suggesting a shift toward a more measured distribution.

A breakdown of realized gains reveals that holders with more than 12 months of tenure dominate sales, outpacing short-term traders by a margin of more than three to one.

The report highlighted a pattern typical of late-cycle rotations, where seasoned wallets provide liquidity while newer entrants determine whether to defend support levels.

Should the $95,600 SSD level fail, the market would likely retest the short-term holder cost basis near $97,100 as resistance. A failure to reclaim this level would place Bitcoin’s next test at the $83,200 lower deviation band that protected prices during the March drawdown.

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