Bitcoin Faces Key Resistance at $117,000 – Glassnode Insights

A recent analysis from the on-chain analytics firm Glassnode reveals a crucial resistance level for Bitcoin at around $117,000. This data comes from the Cost Basis Distribution (CBD) indicator, which tracks where large volumes of Bitcoin were accumulated by investors across various price points. Glassnode’s findings highlight that significant Bitcoin accumulation occurred between $110,000 and $114,000. This suggests a potential showdown as Bitcoin approaches this level.