{"id":129363,"date":"2026-01-23T08:00:48","date_gmt":"2026-01-23T08:00:48","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=129363"},"modified":"2026-01-23T08:00:48","modified_gmt":"2026-01-23T08:00:48","slug":"bitcoin-supply-overhang-likely-to-cap-rallies-above-98400-glassnode-says","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=129363","title":{"rendered":"Bitcoin Supply Overhang Likely To Cap Rallies Above $98,400, Glassnode Says"},"content":{"rendered":"

On-chain analytics firm Glassnode has pointed out in a new report how Bitcoin is facing supply overhang beyond the $98,000 region.<\/p>\n

Bitcoin Could Find Resistance Beyond $98,000<\/h2>\n

In its latest weekly report<\/a>, Glassnode has discussed about how the recent Bitcoin rally stalled near the Realized Price of the short-term holders (STHs)<\/a>. The \u201cRealized Price<\/a>\u201d is an on-chain metric that tracks the cost basis of the average investor or address on the BTC network.<\/p>\n

The STH Realized specifically measures the average acquisition level of traders who purchased within the past 155 days. As the below chart shows, this indicator is located at $98,400 right now.<\/p>\n

This level is around where the recent recovery run hit an obstacle, potentially due to selling from underwater recent buyers who used the rally to exit near their break-even mark.<\/p>\n

Glassnode explained:<\/p>\n

The recent rejection near the Short-Term Holder cost basis at ~$98.4k mirrors the market structure observed in Q1 2022, where repeated failures to reclaim recent buyers\u2019 cost basis prolonged consolidation.<\/p>\n

The STH Realized Price provides a look at the average break-even level of a broad section of the market. For a more granular look, another indicator called the UTXO Realized Price Distribution (URPD)<\/a> exists.<\/p>\n

From the chart of the Bitcoin URPD, it\u2019s visible that a notable amount of the STH supply has a cost basis between the current level and $98,000 (colored in blue). This supply represents the tokens that were redistributed by top buyers into newer market participants during the price rally.<\/p>\n

Not all top buyers sold, however, as it\u2019s apparent in the graph that at levels around and above $100,000, the long-term holder (LTH) supply is becoming a notable force (shaded in red).<\/p>\n

Coins count under the LTH cohort once they mature past the 155-day age bracket. The fact that LTH supply is building up at these levels suggests some bull market entrants are willing to hold.<\/p>\n

The analytics firm noted:<\/p>\n

This unresolved supply overhang remains a persistent source of sell pressure, likely to cap attempts above the $98.4k STH cost basis and the $100k level. A clean breakout would therefore require a meaningful and sustained acceleration in demand momentum.<\/p>\n

It now remains to be seen how Bitcoin\u2019s upcoming price action would look, particularly in the context that major supply clusters are still sitting underwater.<\/p>\n

BTC Price<\/h2>\n

Bitcoin has been following a downward trajectory since its rejection from the STH Realized Price as its value is now trading around $89,100.<\/p>","protected":false},"excerpt":{"rendered":"

On-chain analytics firm Glassnode has pointed out in a new report how Bitcoin is facing supply overhang beyond the $98,000 region. Bitcoin Could Find Resistance Beyond $98,000 In its latest weekly report, Glassnode has discussed about how the recent Bitcoin rally stalled near the Realized Price of the short-term holders (STHs). The \u201cRealized Price\u201d is […]<\/p>\n","protected":false},"author":0,"featured_media":129364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-129363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129363"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129363"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129363\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/129364"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}