Why Bitcoin Could Target $96.7K as On-Chain Money, Not Leverage, Leads the Rally

Bitcoin (BTC) is trading around the $85,000 sell wall as leverage cools and new on-chain money arrives, according to Glassnode. That mix could put $96.7K in play.

The same report shows profit-taking running well above its normal range. Here is what each signal measures and what it implies for the path to $96.7K.

Why Did the $85K Bitcoin Sell Wall Matter?

A sell wall is a cluster of resting sell orders in one price zone. Buyers must absorb all of it before price can climb through.

Glassnode flagged one at $85,000 to $85,500 in its latest report. ETF inflows had faded and trading volume was low.

A week earlier, Glassnode named the next major resistance near $96.7K, the mean Market Value to Realized Value (MVRV) price.

MVRV compares Bitcoin's market cap with the value of coins at the price they last moved. It works as a gauge of holders' standing against their cost basis.

A Sunday rally on Oct. 4 lifted the weekly close about 2% above the previous one. Bitcoin price action in Glassnode's Monday update sits above that zone.

Is Leverage Really Taking a Back Seat?

Open interest measures the total value of outstanding derivatives contracts. When it climbs fast, traders are borrowing more to bet on price moves.