Cryptocurrency analysis firm Glassnode has issued an alert highlighting a pivotal moment in the Bitcoin market. Their report reveals that Bitcoin is nearing resistance at $93,000 – $95,000, and if it can sustain this level, a sustained uptrend may begin. The report states that Bitcoin price is testing first-wave resistance as it breaks above the 111-day moving average ($91,300), and near the cost floor for short-term traders ($93,200). These levels align with the lower boundary of a consolidation zone between November 2024 and February 2025. Glassnode suggests that an out of this zone breakout could indicate a shift from the downtrend and signify the formation of a new bullish structure characterized by “higher highs.” On-chain data shows a significant reduction in speculative trading activity, with long-term investors (LTH) remaining strong buyers despite recent price corrections. They are accumulating more assets than selling and exhibiting risk aversion trends. However, if prices rise further, LTHs may sell due to unrealized profits exceeding 350%. Furthermore, a high concentration of coins close to breakeven point for investors near $95,000 – $98,000 could trigger more selling pressure as the price approaches this range. Glassnode notes low-cost coin volume above $100,000, but if Bitcoin manages to overcome these sell pressures in the $95,000 – $98,000 range, they suggest we may see a significant price discovery process and potentially reach new all-time highs (ATH). *This is not investment advice.*