Bitcoin Supply Overhang Likely To Cap Rallies Above $98,400, Glassnode Says

On-chain analytics firm Glassnode has pointed out in a new report how Bitcoin is facing supply overhang beyond the $98,000 region.

Bitcoin Could Find Resistance Beyond $98,000

In its latest weekly report, Glassnode has discussed about how the recent Bitcoin rally stalled near the Realized Price of the short-term holders (STHs). The “Realized Price” is an on-chain metric that tracks the cost basis of the average investor or address on the BTC network.

The STH Realized specifically measures the average acquisition level of traders who purchased within the past 155 days. As the below chart shows, this indicator is located at $98,400 right now.

This level is around where the recent recovery