According to glassnode, over 420,000 BTC now have a cost basis near the $94,000 level, establishing one of the strongest support zones in the current Bitcoin cycle. This accumulation zone proved resilient during early May consolidation and served as a launchpad for Bitcoin’s breakout to new all-time highs. Traders should monitor this $94K cluster as a critical support level for potential entries and risk management, as significant on-chain activity at this price signals strong holder conviction and a solid foundation for future price action (source: glassnode, May 23, 2025).