Glassnode stated that Bitcoin has broken above significant cost floors that have been suppressing its price throughout 2026, and the market is now poised to test higher levels. According to the analytics firm, limited profit-taking, renewed demand for spot Bitcoin ETFs, and a recovery in trading volumes indicate that the current rally is progressing in a healthier manner compared to previous peak periods.
According to Glassnode’s latest assessment, Bitcoin has managed to break above the Real Market Average level, which has acted as resistance for much of 2026, and the high cost zone for long-term investors. In particular, with a significant supply of long-term investors in the $84,000-$85,000 range, maintaining the price above this region is considered critical for a bullish scenario.
The company reported that the next major resistance level in on-chain data is approximately $96,700, corresponding to the average MVRV price. This level also coincides with positioning in the options market. According to Glassnode, market makers’ hedging actions could accelerate movements between the current price and $92,000, while causing price movements to slow down around $95,000.
The report also noted that Bitcoin never closed below its Realized Price level on a daily basis during the last bear market. Although the ratio of coins in profit to total supply fell to levels seen in the 2022 bear market, the fact that the Net Unrealized Profit/Loss indicator remained in positive territory showed that the market remained more resilient compared to previous bear periods.
Glassnode noted that it’s also important for the June low to remain above the Realized Price. If the Bitcoin price holds above $77,000, the current bear market bottom could be recorded as the shallowest pullback since 2017.
On the other hand, although almost all short-term Bitcoin investors have returned to profitability, it has been noted that profit-taking in the market remains significantly below the peak periods of 2024 and 2025. This indicates that investors are not yet aggressive in selling at current levels.
On the institutional side, it was noted that ETF demand has accelerated again. Glassnode reported that spot trading volume has more than doubled since its August low, and unlike previous periods, this volume increase has spread to many exchanges along with the price rise.
While a broad-based uptrend is observed in the altcoin market, it has been noted that investors have not significantly increased their use of leverage. According to Glassnode, this indicates that the current market movement is being supported by spot demand rather than heavy leverage.
The company sees the $95,000-$97,000 region as the main testing ground for Bitcoin in the short term. If the price remains above $84,000, the path towards this region remains open, while a drop below $84,000 and then below $77,000 is considered a development that could call into question the strength of the current recovery.
