Bitcoin ($BTC) Faces Key Resistance as Supply Pressure Mounts Before Potential $100,000 Retest

On April 23rd, COINOTAG News reported insights from Glassnode regarding Bitcoin’s ($BTC) potential trajectory towards the psychological threshold of $100,000. The data on cost basis distribution indicates a heavy concentration of supply around $97,000, where approximately 392,000 BTC are held by investors. This substantial cluster suggests that breakeven points might encourage selling activity, establishing a significant resistance level that Bitcoin must navigate to achieve its $100,000 target. As market participants closely monitor these dynamics, the implications for future price movements remain critical in the context of ongoing trading strategies and investment behaviors.