Why Bitcoin Reclaiming $92,900 Could Be A Pivotal Moment: Glassnode

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Short-Term Holder Cost Basis often marks transition to bullish sentiment with sustained breaks, per Glassnode.
STH Profit/Loss Ratio hit 1.0, signaling break-even for recent buyers, a potential exit risk point.
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Bitcoin BTC/USD has briefly reclaimed the Short-Term Holder (STH) Cost Basis of $92,900, a key on-chain level that historically separates bullish and bearish market regimes, according to a Glassnode report on Thursday.

The price hit $94,700 this week, following optimism around potential tariff relief between the U.S. and China.

What Happened: Glassnode emphasizes that the STH Cost Basis functions as a market pivot, when Bitcoin trades above it, sentiment and price trends tend to improve; when below, the market is often under distribution.

"A sustained break above this price model has marked the transition between bearish corrections and renewed bullish sentiment," the report noted.

While reclaiming the $92,900 threshold is viewed as constructive, Glassnode warns that it remains a momentary reclaim for now, not yet a confirmed regime shift.

The Percent Supply in Profit climbed to 87.3%, up from 82.7% the last time Bitcoin traded at similar levels, indicating that nearly 5% of supply has changed hands during the recent correction.

Also Read: CME Group To Launch XRP Futures In May: How Did XRP Price React?

The Short-Term Holder Profit/Loss Ratio (STH-P/L) also returned to neutral at 1.0, signaling a balance between recent coins in profit and loss.

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Historically, this level tends to act as a resistance point, especially during periods of recovery.

Other metrics signal a market at an inflection point. Realized profit has surged to $139.9M per hour, exceeding the long-term average of $120M/hour, suggesting profit-taking pressure is building.

Meanwhile, open interest in futures jumped 15.6%, with funding rates turning negative, indicating that traders are increasingly shorting into the rally.

What’s Next: A potential short squeeze could develop if this resistance level fails to hold shorts, particularly as $1.54 billion in net inflows were recorded into U.S. spot Bitcoin ETFs on April 22, one of the largest single-day inflows since inception.

The stark contrast in Bitcoin vs. Ethereum ETH/USD ETF flows further illustrates Bitcoin's dominance in institutional demand during this rebound.

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