Bitcoin's Short-Term Price Ceiling Could Reach $117,000, Glassnode Analysis Shows

Blockchain analytics firm Glassnode has identified Bitcoin's current trading range, suggesting a potential short-term resistance level at $117,000. In a recent market update, Glassnode highlighted Bitcoin's price movement within specific bands tied to short-term holder (STH) behavior over the past six months.

The analysis focuses on short-term holders—investors who acquired their Bitcoin within the last 155 days—particularly examining their Realized Price metric. This indicator reflects the average acquisition cost for STHs, serving as a psychological benchmark for market behavior. When Bitcoin trades above this level, STHs collectively hold unrealized profits, while prices below indicate prevailing losses.

Glassnode's data visualization reveals Bitcoin's recent consolidation between ±1 standard deviation bands around the STH Realized Price. The cryptocurrency tested the lower boundary (-1 SD) last month before rebounding, with current attention turning to the upper limit (+1 SD) at approximately $117,000.

"This upper band represents a key technical threshold for Bitcoin's near-term price action," Glassnode noted. The firm observed that while these levels don't constitute absolute support or resistance, they influence market psychology due to STHs' tendency for reactive trading.

Bitcoin has shown renewed momentum, gaining over 3% in the past 24 hours to reach $109,500. Market watchers now speculate whether BTC can challenge the identified resistance level as its next technical milestone.