As of now, Bitcoin is fluctuating around the $104,000 mark, experiencing a 2.03% decline over the last 24 hours. Nevertheless, renowned analytics firm Glassnode has pinpointed a significant price range to closely observe, particularly in the case of a further price drop.

In a recent post, Glassnode provides an insightful look into the Bitcoin market using data from the Cost Basis Distribution (CBD) heatmap. The CBD is a widely used on-chain metric that monitors the price levels at which tokens are last bought or sold. When a considerable number of coins are traded within a certain price range, it creates a supply cluster that can act as a support or resistance level.

Based on the data from Glassnode’s report, the first significant supply cluster below the current market price on the Bitcoin CBD heatmap is located in the $95,500 – $97,000 price zone. This range is located just beneath the short-term holders (STH) cost basis, indicating a convergence of technical and on-chain metrics to create a high-stakes battleground.

As Glassnode analysts highlight, maintaining the market price above this range sustains bullish momentum, increasing Bitcoin’s likelihood of re-entering price discovery mode. Conversely, a breakdown below the $95,500 price level could instigate panic selling, supporting bearish mid-to-short-term projections. Interestingly, several market analysts, including the anonymous expert known as Mr. Wall Street, predict further Bitcoin price drops, warning that Bitcoin may not hold above the psychological support zone of $100,000, anticipating a price decline to around $93,000 – $95,000.

At the time of writing, Bitcoin is trading at $103,753, marking a cumulative 1.27% decrease over the past week. Throughout this period, the flagship cryptocurrency mostly stayed below $106,000, apart from a weak price breakout between June 16 and June 17. On a monthly scale, Bitcoin has recorded a 6.10% loss, indicating a slow shift in momentum with bearish forces taking over the market. Bitcoin, often referred to as “digital gold,” continues to be the largest cryptocurrency with a reported market dominance of 64.3% and a market cap of $2.05 trillion.

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