Bitcoin Price approaches $ 106,000 as the resurgence continues – but pay attention to this level
The Bitcoin Prize continued to impress this weekend, strongly recovering from the weekend blues which saw him fall around $ 101,000. From a wider perspective, BTC will target the $ 110,000 mark and seek to recover its price of all time. With the first cryptocurrency which is already closer to the level of $ 106,000, the question is – where is the next obstacle in this recovery trip?
BTC Price faces significant resistance above $ 106,000
In a new article on the X social media platform, the chain analyst Burak Kesmeci revealed Two major levels which could be essential to the long -term trajectory of the price of bitcoin. This analysis is based on the price made of a specific class of investors called short -term holders (STH).
Bitcoin holders in the short term are known for their reactive and speculative nature, as they are often triggered by sudden price movements. Therefore, these investors tend to open and close their positions in a short period of time.
In his article on X, Kesmeci revealed three important levels according to the prices made of investors in certain unat -spent transaction production age bands (UTXO). More specifically, the chain analyst has highlighted investor cost bases in a week – 4 weeks ($ 106,200), 1 month – 3 months ($ 87,300) and 3 months – 6 months ($ 97,500).
Source: @burak_kesmeci on X
According to Kesmeci, the price of Bitcoin is likely to deal with a significant resistance to around $ 106,200, where investors of a week – 4 weeks have their cost of cost. The justification behind this is that STH at a loss can close their positions when they return to their cost base, leading to downward pressure and the formation of a level of resistance.
On the other hand, Kesmeci also highlighted the price made ($ 97,500) of short -term investors in the age group of 3 months to 6 months like another critical level for the price of Bitcoin. The analyst said that investors within this class may consider an evolution towards this price carried out as an opportunity to defend their positions, leading to the formation of a support cushion.
In essence, this piece of data on the chain suggests that the price of Bitcoin could approach a major level of resistance just above $ 106,000. If this level is successful successfully, investors could see the first cryptocurrency revisit its summit of $ 111,871.
Bitcoin Price at a glance
To date, the BTC price amounts to around $ 105,700, reflecting an increase of 1.3% in the last 24 hours. According to Coingecko data, the market leader has increased by more than 1% in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock star image, tradingview graphic
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