Bitcoin Holds Above $93K, Bullish Structure Intact Despite Volatility

Bitcoin has shown remarkable resilience, maintaining its position above the crucial $93,000–$100,000 zone. This stability has preserved the broader bullish market structure, despite recent price volatility. According to on-chain data from Glassnode, the cost basis distribution heatmap indicates a high concentration of accumulated supply within this range, suggesting that many investors entered positions during the first quarter of 2025. These levels now serve as strong psychological and technical support zones.

Glassnode's analysis highlights that as long as Bitcoin's price remains above the $93K–$100K region, the current uptrend remains structurally intact. The chart shows multiple tests of this range, each followed by a recovery, indicating sustained buy-side interest. This price holding above the band suggests that the broader bullish structure is intact despite short-term volatility.

The highlighted support area reflects dense cost basis clustering, where a high volume of Bitcoin was last moved. Such zones often act as demand floors, where traders are less likely to sell, reducing downward pressure. If Bitcoin maintains this base and reclaims momentum above $105K, it could set the stage for new all-time highs later in the cycle. Conversely, a breakdown below $93K would challenge the bullish thesis and open the door to deeper retracement.

Bitcoin researcher Axel Adler Jr. notes that the current bull cycle, which began in November 2022, is built on solid ground. The cycle has seen only two major corrections exceeding 30%, occurring in August 2024 and April 2025. Despite these significant pullbacks, Bitcoin has quickly recovered and pushed to new highs, with smaller dips in the 10–20% range serving as classic shakeouts that have preserved the broader uptrend.

Currently, Bitcoin is consolidating between $100,000 and $108,000, with the current drawdown from recent highs limited to -4.7%. Even when measured by the weekly simple moving average (SMA), the dip stands at just -7%, suggesting a calm and healthy consolidation rather than a reversal. Adler highlights that each correction is becoming shallower, which signals growing market maturity. He emphasizes that unless major negative news emerges, $96,000 remains a key support level that could continue driving the next leg higher and possibly new all-time highs.

Adler also points out a critical shift in centralized exchange (CEX) flows. The daily average of total BTC movements (in + out) has dropped to 40,000 BTC, the lowest in a decade. This suggests a clear shift toward long-term holding, with fewer coins available for trading—setting the stage for potential liquidity-driven price surges. Weekly net flows remain negative at -4,300 BTC, showing that more Bitcoin is leaving exchanges than entering. The 30-day moving average of inflows/outflows mirrors levels last seen at the start of the bull run in late 2023, reinforcing the view that demand remains strong despite short-term price pauses.

With shrinking retracements, tight exchange supply, and strong structural support, Adler concludes that Bitcoin is poised for another leg up—possibly leading to a fresh all-time high if momentum continues and no macro shocks emerge. The current market dynamics suggest that Bitcoin is in a phase of calm consolidation, which could pave the way for higher highs in the near future.