Glassnode: On-Chain Demand, Not Leverage, Could Push Bitcoin to $96.7K
- —Futures open interest slipped back inside its range; options OI fell after quarterly expiry
- —Active addresses, fees and transfer volume rose above their high bands
- —Nearly three-quarters of BTC supply is in profit, with profit-taking above its high band
- —Mean MVRV price points to resistance near $96,700
Why it matters: If the move rests on on-chain demand rather than borrowed money, the path to $96,700 is more durable, but profit-taking could turn that demand into supply.
Source: BeInCrypto