Glassnode has revealed their chart of Bitcoin’s realized price distribution and confirmed that the cryptocurrency market is sitting in a large value cluster, as of this moment.
As is apparent from the chart, 2.208 million BTC have moved between $55k and $60k. The cryptocurrency might face some resistance once it reaches the next cluster between $60k and $63k, while the clusters between $36k to $42k and $48k to $50k might provide its support.
Even though Bitcoin’s price might have been experiencing a slight dip, its futures interest continues to grow, trading at historically high levels.
The overall contract value of BTC futures currently stands at $21.9 Billion, the highest since March and April of this year.
The graph shows a +76.6% growth in open interest since September of this year when it was hitting its lows, showing Bitcoin’s ability to recover from dips.