Glassnode: Bitcoin Never Closed Below Realized Price in This Bear Market; $95K-$97K Is Next Test

The notable point is structural rather than directional: a bear-market low that never closed below realized price implies holders absorbed losses without capitulating at the aggregate level, which is a different regime from the prior two cycles. The $95K–$97K zone matters because on-chain resistance and options-dealer hedging are converging there, a setup that often produces sharper, more reflexive moves than either signal alone. Whether that confluence is absorbed or rejected is the open question for the next phase.