Glassnode: Bitcoin Faces Strong Resistance at $97K as Selling Pressure Builds

$100K Breakout May Be Delayed as 392K BTC Sit at Break-Even ZoneAs Bitcoin eyes a potential breakout toward $100,000, new data from on-chain analytics platform Glassnode highlights a critical resistance zone at $97,000, where substantial selling pressure could emerge.In its latest report, Glassnode revealed that approximately 392,000 BTC are held by investors whose cost basis is clustered around the $97,000 level. These holders may be inclined to sell at break-even, creating a potential supply barrier that could slow or temporarily cap Bitcoin’s current rally.Cost Basis Cluster Creates Headwind Near $97K“If Bitcoin is to break through the $100,000 mark again, it still needs to overcome considerable supply-side resistance,” Glassnode stated.The cost basis distribution map shows that the $97K level is densely packed with prior buyers who may view the current price zone as an opportunity to exit or de-risk, especially after enduring recent market volatility.This makes $97,000 a key psychological and technical resistance level, not just a round-number checkpoint on the way to six figures.Market Outlook: Bulls Eye $100K, But Supply Wall LoomsBitcoin is currently trading around $94,000–$95,000, following a sharp rebound fueled by ETF inflows, macroeconomic optimism, and institutional buying pressure across major exchanges.While sentiment has flipped bullish in recent sessions, Glassnode cautions that a clean break above $100,000 will require the market to absorb substantial selling volume in the $96K–$98K zone.“This is a region where prior buyers may look to exit positions after recovering from underwater levels,” the report noted.Historical ContextResistance at tightly clustered cost basis levels is a recurring theme in Bitcoin bull markets. Similar zones emerged around $20K in late 2020 and $64K in late 2021, each time resulting in temporary slowdowns or corrections before further continuation.The current challenge at $97K underscores the psychological weight of round numbers, and the importance of spot demand and institutional conviction in overcoming supply walls.