As the revival continues, Bitcoin prices are approaching $106,000 – but be aware of this level
This weekend, the price of Bitcoin continues to impress, recovering from the late night blues that dropped to $101,000. From a broader perspective, BTC will target $110,000 and hope to recover its all-time high price. With the Prime Minister’s cryptocurrency already shut down at the $106,000 level, the question is – where is the next obstacle to this recovery journey?
BTC price faces obvious resistance over $106K
In a new post on social media platform X, chain analyst Burak Kesmeci reveals two main levels that are crucial to the long-term trajectory of Bitcoin prices. This analysis is based on the realization price of a specific investor for a specific category of investors (STH).
Short-term Bitcoin holders are known for their responsiveness and speculativeness, as they are often caused by sudden price movements. Therefore, these investors tend to open and close their positions in a short period of time.
Kesmeci reveals three important levels in his post on X, which are based on the realization price of investors in certain unutilized trading output (UTXO) age groups. Specifically, this Chain Chain analyst highlights the cost base of investors in the 1-4 week ($106,200), 1-3 month ($87,300) and 3-6 month ($97,500) age group.
Source: @burak_kesmeci on X
According to Kesmeci, Bitcoin prices may face significant resistance around the $106,200 level, with investors in 1-4 weeks having their cost base. The reason behind this is that when STH returns to the cost base, they may close their position, resulting in the formation of lower pressure and resistance levels.
Kesmeci, on the other hand, also highlighted that the realized price ($97,500) of short-term investors achieved in senior bands of 3- to 6-month-old is another key level of Bitcoin price. Investors mentioned in this category may think that the shift towards this realized price is an opportunity to defend their position, leading to the formation of a support pad.
Essentially, the data on this chain suggests that Bitcoin prices may be close to a major resistance level of just above $106,000. If successful violates this level, investors may see the Prime Minister’s cryptocurrency revisit its all-time high of $111,871.
The price of Bitcoin is clear at a glance
As of this writing, BTC is about $105,700, reflecting 1.3% of the past 24 hours. Market leaders have grown by more than 1% over the past seven days, according to Coingecko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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