Bitcoin surged into its opening price zone after breaking through the $100K–$110K range and reached a new all-time high of $123.091K. However, the price quickly corrected to $115.900K, and analysts at Glassnode have identified signs of market overheating. Rapid accumulation by short-term holders and a rise in unrealized profits are pushing the asset closer to a potential reversal point.
Break Above $120K Followed by Initial Profit-Taking
After a week of sideways movement, Bitcoin broke through two dense supply clusters in the $93K–$97K and $104K–$110K ranges, which may now act as support levels. The rally peaked at $122.6K before a correction pulled the price down to $115.9K due to selling pressure.
Glassnode notes that the current surge aligns with the +1 standard deviation from the short-term holders’ cost basis (~$120K). Historically, this level often acts as a local resistance during strong bullish phases. The next resistance level by the model is around $136K, at +2 SD.
Most Holders Are in Profit as Market Enters Euphoria Phase
At present, Bitcoin's spot price is above the 95th percentile of all coin cost bases, estimated at approximately $107.4K. This level usually triggers increased profit-taking and often precedes coin redistribution at higher prices. The market structure becomes more sensitive to fluctuations as investors secure profits and react quickly to trend shifts.
According to Glassnode, 95% of short-term holder supply is in profit — exceeding the multi-year average by more than +1 SD (88%). This is the third time this level has been surpassed since May, which analysts interpret as the market transitioning into a phase of excessive optimism.
