Bitcoin Nears $106,000: Key Resistance Levels Ahead
Bitcoin (BTC) continues its impressive rally, recovering from a dip below $101,000 and aiming for $110,000 and a new all-time high. However, analysts identify key resistance levels that could impact further price gains.
BTC Price Resistance at $106,000
On-chain analyst Burak Kesmeci highlighted significant resistance around $106,200, based on the realized price of short-term holders (STHs). STHs, known for their reactive trading, may sell near their cost basis, creating downward pressure. Kesmeci's analysis, using unspent transaction output (UTXO) age bands, also shows support around $97,500 based on 3-6 month STH cost basis.
Source: @burak_kesmeci on X
Breaking through the $106,200 resistance could pave the way for a retest of Bitcoin's all-time high of $111,871. Failure to surpass this level could lead to a potential pullback towards the support at $97,500.
Bitcoin Price Overview
At the time of writing, BTC trades around $105,700, representing a 1.3% increase in the last 24 hours and over 1% growth in the past seven days.
Source: BTCUSDT chart on TradingView
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Disclaimer: This content is for informational purposes only and should not be considered investment advice. Always conduct thorough research before making any investment decisions.