Bitcoin trapped in range, may see prolonged sideways movement: Glassnode

Bitcoin (BTC) may be entering a prolonged period of sideways movement, according to on-chain analytics firm Glassnode. In a recent report, the firm stated that BTC is currently trading in a range between $81,100 and $98,400, with selling pressure emerging near the short-term holder (STH) cost basis of $98,400. Glassnode added that even if the price breaks above $98,000, a significant supply zone around the $100,000 mark could serve as continued resistance. The firm concluded that a meaningful breakout is unlikely without a distinct recovery in demand momentum.