Yahoo Crypto Market • October 6th 2026, 4:30 AM
Why Bitcoin Could Target $96.7K as On-Chain Money, Not Leverage, Leads the Rally
Key Summary
Glassnode data indicates Bitcoin is trading above its sell wall as leverage cools and new money enters the market, sparking speculation about a potential price target of $96.7K. This trend suggests that on-chain money, rather than leverage, is driving the rally.
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Key Takeaways
- Bitcoin is trading above its sell wall according to Glassnode data.
- Leverage is cooling, and new money is entering the market.
- This trend suggests that on-chain money is driving the rally.
Market & Token Impact
- The cooling of leverage and influx of new money could indicate a shift in market sentiment.
- This shift could lead to increased buying pressure and higher prices.
- Bitcoin's price target of $96.7K is being driven by on-chain money, rather than leverage.
Broader Context & What's Next
- If the trend continues, it could signal a significant increase in Bitcoin's price.
- The market is likely to remain volatile, with prices fluctuating based on various factors.
- Investors and traders should remain cautious and monitor market developments closely.
- The potential price target of $96.7K is based on on-chain money, which could provide a more sustainable and long-term growth trajectory for Bitcoin.