This is the real level Bitcoin MUST defeat before the next ATH and almost nobody is talking about it.

When you look at the BTC cost-basis heatmap, the story becomes very clear:

Bitcoin is now sitting below two heavy supply clusters created by recent top buyers.

And until price breaks above these zones, momentum will remain slow and choppy.

Here’s what the chart actually tells us:

• A huge amount of BTC was accumulated between $93K–$96K
• Another major block of supply sits between $100K–$108K
• These zones are densely packed with recent buyers
• When BTC fell sharply in November, all of these buyers went underwater
• Now those same wallets are the first ones waiting to “get out at break-even”

This is why these clusters matter so much.

Whenever BTC approaches these levels:

• Some holders will start selling at break-even
• Some traders will hedge or reduce risk
• Market makers use this liquidity to rebalance
• Momentum slows down as supply increases

So even though the market wants a push toward a new ATH, the path is not clean yet.

These top buyer zones MUST be reclaimed and flipped into support before Bitcoin can trend strongly again.

The positive side:

• BTC already bounced from a very strong base
• Older holders are still not selling
• The recent correction flushed out weak hands
• The market rebuilt a healthier cost basis below current price
• Once $96K is cleared, the road to $108K opens quickly
• After $108K, the chart becomes almost empty, meaning very little resistance left

This is why the next breakout is less about hype and more about structure.

If BTC can close above $96K and then take out $108K, the supply from top buyers gets absorbed.

And once that happens, the market finally has room to push into true price discovery.

This is the real map for the next ATH and the chart is telling you exactly where the battle lines are.