Bitcoin Retests $84,000 Support Level; Glassnode Eyes $96,700 Target

Bitcoin has pulled back to the $84,000–$85,000 range, a critical zone identified by Glassnode as a key support level where long-term holders' cost basis is concentrated. Analysts suggest that maintaining this level could pave the way for a move toward $96,700, a target supported by both on-chain MVRV valuation and options market gamma positioning. Despite recent macroeconomic headwinds, including rising U.S. Treasury yields, spot Bitcoin ETFs have seen over $1.7 billion in inflows over two days, and on-chain data shows relatively modest profit-taking, suggesting the current rally may have further room to grow.