Glassnode Highlights Key Factors Behind Bitcoin' Bullish Outlook

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Glassnode, a blockchain analytics firm, forecasts a bullish trend for Bitcoin. The cryptocurrency is likely to reach $100,000, though momentum might slow after this milestone. Long-term holders (LTH), a key investor group, are selling for profits. Glassnode’s Spending Binary Indicator tracks their sell-side activity. It shows increased distribution, with asset balances dropping in 11 of the past 15 days.

🔥 BULLISH: MicroStrategy CEO Michael Saylor says, “Over the last two weeks, we’ve generated $5.4 billion in $BTC gains, we’re making $500 million a day.” pic.twitter.com/gMxsiGGk1D
— Cointelegraph (@Cointelegraph) November 24, 2024

While this behavior may temporarily affect growth, it highlights confidence in the market. Renewed buying by long-term holders or other investors could boost momentum again. Bitcoin remains strong, with its price movement reflecting market optimism. However, short-term adjustments may occur as the selling continues. This dynamic positions Bitcoin for significant gains despite minor fluctuations.

Key Bitcoin Levels To Watch – November 24

BTCUSD is in a strong bullish trend, breaking significant resistance levels, with the most recent breakout above $90,000 leading to a move toward $100,000. The 9-day simple moving average (SMA) acts as dynamic support, maintaining the upward momentum as the price consolidates near the $100,000 psychological level.

The Stochastic RSI shows an overbought condition, suggesting the possibility of a short-term correction or consolidation before the next rally. A pullback to the $93,495-$90,000 support zone could provide a re-entry point, with bulls likely targeting $110,000 and $115,000 in the coming sessions.