Analysis: Bitcoin long positions must hold the key support level at $95,600 to maintain bullish momentum.

Gate News bot news, according to a report by Glassnode on June 5, Bitcoin (BTC) is under pressure from profit-taking by veteran holders, and if it falls below six figures, it must hold the key support level of $95,600 to maintain a bullish momentum.

The report emphasizes that after falling below $103,700, the next major support level is the psychological price of $100,000, and if it falls below $95,600, it will face downward pressure.

The cumulative transaction volume increment heatmap from Glassnode shows that the spot-driven accumulation clusters are concentrated between $81,000 and $85,000, $93,000 and $96,000, as well as $102,000 and $104,000. The report assesses these areas as potential demand zones, as a significant amount of Bitcoin has previously flowed into these regions.

The report sets the first official support level at a used supply distribution of 0.95, which corresponds to a quantile of (SSD), approximately 103,700 USD, followed by the quantile of 0.85, close to 95,600 USD. Traders are currently focusing on the lower limit to determine if buyers will absorb the ongoing sell orders.

Source: CryptoSlate

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