Bitcoin High Position Consolidation Period: 10x Research Strategy Suggestions and Glassnoded Cost Reference Guide

As the price of Bitcoin remains close to historical highs, traders are faced with the difficult decision of whether to enter the market now or wait for a pullback.

In response to this market situation, the cryptocurrency analysis firm 10x Research has provided specific strategic recommendations; meanwhile, Glassnode's concentrated trading zones also offer investors a reference for trading.

On July 28, Markus Thielen, the founder of the cryptocurrency market analysis firm 10x Research, provided his clients with strategic advice on potential entry points for Bitcoin (BTC).

Thielen pointed out that if the Bitcoin price experiences a pullback and drops to around the May high (specifically below $112,000, especially close to the level of $111,673), then this resistance level will turn into a support level, thus providing investors with a more favorable risk-reward entry opportunity.

He stated that the reason for saying that retesting this breakout level can create more favorable trading conditions is that traders typically seek at least a 1:2 risk-reward ratio. Therefore, adopting a bullish strategy near key support levels is often a sensible move.

However, Thielen also considered another possibility. He stated that if the Bitcoin price does not show the expected pullback, but instead effectively breaks through the downward trend line connecting the highs of July 14 and July 23, and stabilizes above the $120,000 mark, it could also be a good opportunity to re-enter the market. Even so, he reminded traders to set tighter stop losses to manage risk.

At the same time, the data released by the blockchain data analysis company Glassnode also provides investors with a micro perspective on market activity within specific price ranges.

The chart shows that currently about 73,000 Bitcoins have an average holding cost concentrated around $117,000. This indicates that a significant number of investors have built positions in this area, forming a certain expectation of support for the price.

Analysis also indicates that whenever the Bitcoin price falls back to this area, investors do not panic and exit due to the decline; instead, there are signs that the selling pressure is gradually being absorbed.

This holding behavior clearly reflects that around $117,000 is not only a historically dense holding area but also demonstrates strong recent market support and investors' attention and confidence at this price level.

#Glassnode # 10xResearch