Glassnode sees $95K to $97K as Bitcoin's next major test

BTCUSD — mixed-to-bullish, conditional. The reported combination of stronger ETF inflows, rising spot volume and relatively subdued leverage suggests demand may be coming from spot buyers rather than a highly leveraged futures squeeze. That would make an advance toward $95,000–$97,000 more durable if flows and volume persist, while lower leverage may reduce the risk of a sharp liquidation-driven reversal.

The range is the key test: reaching it does not itself confirm a breakout, and it may attract profit-taking or selling that absorbs new demand. A sustained move through the zone would strengthen the bullish case; fading ETF inflows, weakening spot volume or rejection there would raise the risk of consolidation or a pullback. The near-term read is therefore constructive but dependent on follow-through, not a confirmed directional signal.