Bitcoin’s price has bounced back above $105,000 after a dip caused by some economic jitters and a Twitter spat between Donald Trump and Elon Musk. While things have calmed down a bit, analysts are watching some key price levels closely.
What the Experts Say
Glassnode, a well-known crypto analytics firm, has done some number crunching using something called the Short-Term Holder (STH) cost basis. This basically looks at the average price that people who bought Bitcoin in the last 155 days paid for it. This is important because these newer investors tend to react more strongly to price changes, and their actions can heavily influence the market.
The magic number? Glassnode puts the current STH cost basis at around $97,100. Their analysis shows:
- Resistance at $114,800: Breaking above this level could trigger a huge buying spree and send Bitcoin soaring.
- Support at $83,200:
Falling below this level would likely mean more selling and a bigger price drop.
Bitcoin’s Current Situation
Right now, Bitcoin is trading around $105,745. Daily trading volume is down, but as long as it stays above that $97,100 STH cost basis, there’s a good chance it could push towards $114,800. However, if it drops below $97,100, a fall to $83,200 is a real possibility, and that wouldn’t be good news for Bitcoin bulls.
