Bitcoin is on a roll! After a slight dip, it’s surged back, nearing $106,000 and aiming for its all-time high of over $110,000. But before popping the champagne, there’s a potential hurdle.
A Key Resistance Level
Analyst Burak Kesmeci, using on-chain data, points to a significant resistance level around $106,200. This is based on the “realized price” – essentially, the average price short-term Bitcoin holders (STHs) paid – for those who bought within the last one to four weeks.
STHs are known for their quick trades, often reacting to price swings. If the price hits $106,200, these investors who are currently underwater might sell to cut their losses, creating resistance and potentially halting Bitcoin’s climb.
Potential Support Too
However, Kesmeci also highlights a potential support level around $97,500. This is the realized price for STHs who bought between three and six months ago. If the price drops, these investors might see it as a buying opportunity to average down their cost, providing a cushion against further falls.
Bitcoin’s Current Status
Right now, Bitcoin is trading around $105,700, up about 1.3% in the last 24 hours and over 1% in the last week. The big question is: can it break through that $106,200 resistance and continue its upward trajectory? Only time will tell.
