According to glassnode, Bitcoin's (BTC) short-term holder cost basis is approximately $98.1K, with the cost basis distribution showing a denser supply just below this level, specifically in the $97K–$98K range (source: glassnode, June 23, 2025). This price zone is likely to act as a crucial pivot point during potential market drawdowns, as increased pressure builds on newer investors. Traders should monitor this support area closely, as it could influence near-term BTC price stability and provide actionable entry or exit signals.