Bitcoin’s Price Dance: Will $106,600 Hold or Break? 💸🤔

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Ah, Bitcoin— that glorious digital gold rush that makes you feel like a genius one day and a complete moron the next. According to those charming folks at Glassnode, who apparently spend all day staring at charts and dreaming in candlesticks, there’s a particular level worth watching — because nothing says excitement like a number with six zeros and a hundred on the front. 🤑

Do Not Adjust Your Screens: $106,600 Is Where It’s All Happening

Recently, on their favorite social media platform (formerly known as Twitter, now X— because why not add confusion to the chaos), Glassnode spilled the beans about the Bitcoin Cost Basis Distribution, which sounds suspiciously like a fancy name for “Where did all these billionaires buy their Bitcoin?” Turns out, quite a few bought at around $106,600, and those brave souls— or perhaps just stubborn— have held on tighter than grandma’s doilies through all the roller coaster rides.

The chart attached (which, for the record, looks like a mountain range made of jagged lines and panic) shows that the $106,600 level is where roughly 31,000 Bitcoin dwell— a living, breathing monument to investor stubbornness built on December 16th. These folks are making Larry David look impatient.

Interestingly, the chart reveals that Bitcoin’s recent surge did a little dance near this level and got rejected faster than your bland Aunt Marge at her first dance with a DJ. But the supply cluster at that price? Still sticking around like that one friend who refuses to leave the party. This suggests the holders are resilient — probably because they’re secretly waiting for the moon or just stubbornly hoping the price drops so they can buy more.

Apparently, these folks might turn out to be the “hold forever” kind, which makes predicting the next move about as easy as herding cats on roller skates. For short-term watchers, this level could become the hot gossip of the day, or the heartbreak — who can tell? 🥴

Meanwhile, in more thrilling news, what’s left of Wall Street’s pet investments— the institutional Bitcoin ETF holdings— decided to take a little vacation this year, dropping about 10% during the first quarter. Because nothing says “safe investment” like a little de-risking during a global trade war. You can’t buy this kind of entertainment.

As I write this, Bitcoin is chillin’ at around $105,200, up almost 3% in a week— a gentle reminder that in the world of crypto, patience is a virtue, and volatility is just the new black. Keep your eye on that $106,600, folks— it might just be the price tag on the roller coaster ride of the century. 🎢💰

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2025-05-20 10:45