Bitcoin’s Next Big Test: Will $110K Hold as Key Support?

Bitcoin (BTC), currently hovering around $117,739, could soon face a critical price test, potentially dipping as low as $110,000, according to new analysis from crypto analytics firm Glassnode.

In their latest edition of The Week Onchain, Glassnode introduced the concept of a new “price magnet” for Bitcoin — a zone with the potential to pull prices downward in the short term.

Short-Term Holders and the “Cost Basis Gravity”

The firm highlights a significant role played by short-term holders (STHs) — those who have held BTC for 155 days or less — in shaping price behavior during bullish runs.

As BTC surged from $110,000 to $115,000 earlier this month, there was limited opportunity for new entrants to establish positions. This rapid movement left behind what Glassnode calls an “air gap” in trading volume between $115,000 and $110,000, indicating a lack of transaction activity in that range.

“By examining Bitcoin’s Cost-Basis Distribution profile, we see a heavy concentration of investor cost basis between $117K–$122K,” the report notes. “This points to major accumulation at these levels — but leaves a vulnerable zone beneath.”

Glassnode likens this void to unfilled price gaps in the CME Bitcoin futures market, which historically tend to get “filled” over time as the market retraces. While not all gaps are guaranteed to be revisited, the absence of price support in the $115K–$110K range could act like a gravitational pull.

“This marks the area as a key zone to watch if the market corrects,” Glassnode adds.
Profit-Taking Could Shape Future Resistance

The analysis also explores short-term holder cost bases across cohorts, which effectively creates a ladder of potential support zones. These benchmarks not only help identify likely support during downturns but also highlight where investors may look to take profits during rallies.

Looking ahead, Glassnode uses standard deviation bands to forecast potential resistance at higher levels. Should BTC re-enter price discovery mode, $141,000 could emerge as the next major resistance, as STHs may be incentivized to sell at this threshold.

“If the market breaks higher, the $141K region is likely where sell-side pressure could intensify rapidly,” the report concludes.

While Bitcoin remains in a generally bullish posture, the $110,000–$115,000 zone has emerged as a crucial battleground. Whether it serves as a springboard for the next leg up — or a temporary floor during a correction — will likely depend on how short-term holders react in the coming days.