According to glassnode, Bitcoin's recent price rally paused just below the crucial $106.6K level, where approximately 31,000 BTC are held at this cost basis. This significant supply cluster, established on December 16, 2024, has not seen any redistribution or averaging down by holders, indicating strong conviction and making $106.6K a critical resistance level for short-term BTC price action. Traders should closely monitor this zone for potential breakout or reversal signals as it may dictate the next major move in the cryptocurrency market (source: glassnode, May 19, 2025).