Bitcoin’s Next Resistance: $141,000?

A recent Glassnode report suggests that $141,000 could be the next significant resistance level for Bitcoin. This prediction is based on the analysis of the Short-Term Holder (STH) Cost Basis, which tracks the average acquisition price for investors holding Bitcoin for less than 155 days. Currently, STHs are in net unrealized profit, with Bitcoin trading above their cost basis of around $105,400. Glassnode uses standard deviation bands around this cost basis to identify potential trend exhaustion or breakout points. Bitcoin has repeatedly faced resistance at the +1 standard deviation band ($125,100) in recent months. The report suggests that Bitcoin might consolidate between $105,000 and $125,000 until a decisive breakout. If a breakout occurs, the +2 standard deviation band at $141,600 is likely to become the next major resistance level. This is because, at this price point, STH profits would be substantial, potentially leading to significant profit-taking and selling pressure. The report highlights the importance of the STH Cost Basis as an indicator of market sentiment and potential price movements. The current Bitcoin price hovers around $117,600, within the predicted consolidation range. This analysis provides valuable insight for investors seeking to understand potential future price movements and resistance levels for Bitcoin.

(Source: https://www.newsbtc.com/bitcoin-news/141000-key-bitcoin-resistance-price-higher-report/)