Glassnode Identifies $69,000 as Resistance Level for Bitcoin

Glassnode data indicates that on-chain signals may re-emerge that could point to the next bear market bottom for Bitcoin. In particular, the change in selling tendencies among investors who bought BTC one to two years ago is being monitored to understand whether the market has passed its most severe distribution phase. Glassnode's lead research analyst, Cryptovizart, notes that the cooling of the 30-day average of realized loss volume for one to two-year investors is one of the early signals that the heaviest selling distribution phase may be behind us. The coin movements that these investors carried at a loss were observed between July 2024 and July 2025. During this period, the BTC price rose from approximately $62,800 to $107,000. However, due to the weak price performance that followed, a significant portion of the investors who bought during this time remained below their cost basis. The total cost basis for short-term investors is emerging as a new resistance area around $69,000. This level coincides with the previous all-time highs from the 2021 bull cycle. Glassnode indicates that the first contact with the $69,000 level could trigger a strong market reaction. Additionally, stochastic RSI data over a two-month period also suggests that market reversal conditions are forming.

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