The Bitcoin Prize has continued to impress over the weekend and recovered strongly from the late week blues that saw it fall against $ 101,000. From a broader perspective, BTC will target the $ 110,000 mark and wants to regain its highest price. With the main Cryptocurrency that is already closed at the level of $ 106,000 is the question – where is Next obstacle in this recovery trip?
BTC price faces significant resistance over $ 106K
In a new post on the social media platform X, analyst at the chain Burak Kesmeci revealed Two main levels that can be crucial to the middle to the long-term track for the Bitcoin Prize. This analysis is based on the realized price of a specific class of investors called short -term holders (Sth).
Bitcoin short -term holders are known for its reactive and speculative nature, as they are often triggered by sudden price movements. Therefore, these investors tend to open and close their positions within a short period.
In its post on X, Kesmeci revealed three important levels based on the realized prices of investors in certain indecent transaction outputs (UTXO) age bands. Specifically, the analyst at the chain highlighted cost bases for investors within one week-4 weeks ($ 106,200), 1 month-3 months ($ 87,300) and 3 months-6 months ($ 97,500) age bands.
Source: @burak_kesmeci on X
According to Kesmeci, the Bitcoin Prize is likely to face significant resistance at about $ 106,200 levels, where 1-week-4-week investors have their cost bases. The reason behind this is that Sth with a loss can close their positions when they return to their cost base, leading to downward pressure and the formation of a resistance level.
On the back, Kesmeci also marked the realized price ($ 97,500) of short-term investors within 3-month-6-month age band as another Critical Level for Bitcoin price. The analyst mentioned investors in this class can consider a step towards this realized price as an opportunity to defend their positions, leading to the formation of a support pillow.
In essence, this part of chain data indicates that the Bitcoin Prize may approach a large level of resistance just over $ 106,000. If it successfully violates this level, investors can see that the main Cryptocurrency is going through its highest time of $ 111,871.
Bitcoin price
From this writing, the price of BTC amounts to about $ 105,700, which reflects an increase of 1.3% over the past 24 hours. According to data from Coytecko, the market leader is increased by more than 1% over the past seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
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