The Bitcoin price has continued to impress over this weekend, recovering strongly from the late week blues that saw it fall toward $101,000. From a broader perspective, BTC will be targeting the $110,000 mark and looking to reclaim its all-time-high price. With the premier cryptocurrency already closing in on the $106,000 level, the question is — where is the next obstacle in this recovery journey?
BTC Price Faces Significant Resistance Above $106K
In a new post on the social media platform X, on-chain analyst Burak Kesmeci revealed two major levels that could be critical to the mid- to long-term trajectory of the Bitcoin price. This analysis is based on the realized price of a specific class of investors known as short-term holders (STH).
The Bitcoin short-term holders are known for their reactive and speculative nature, as they are often triggered by sudden price movements. Hence, these investors tend to open and close their positions within a short period.
In his post on X, Kesmeci revealed three important levels based on the realized prices of investors within certain unspent transaction output (UTXO) age bands. Specifically, the on-chain analyst highlighted cost bases of investors within 1 week – 4 week ($106,200), 1 month – 3 month ($87,300), and 3 month – 6 month ($97,500) age bands.
Source: @burak_kesmeci on XAccording to Kesmeci, the Bitcoin price is likely to face significant resistance at around the $106,200 level, where 1-week – 4-week investors have their cost bases. The rationale behind this is that STH at a loss may close their positions when they return to their cost basis, leading to downward pressure and the formation of a resistance level.
On the flip side, Kesmeci also highlighted the realized price ($97,500) of short-term investors within the 3-month – 6-month age band as another critical level for the Bitcoin price. The analyst mentioned investors within this class may consider a move towards this realized price as an opportunity to defend their positions, leading to the formation of a support cushion.
In essence, this piece of on-chain data suggests that the Bitcoin price might be approaching a major resistance level just above $106,000. If it successfully breaches this level, investors might see the premier cryptocurrency revisit its all-time high of $111,871.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $105,700, reflecting a 1.3% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 1% in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
The Bitcoin price has continued to impress over this weekend, recovering strongly from the late week blues that saw it fall toward $101,000. From a broader perspective, BTC will be targeting the $110,000 mark and looking to reclaim its all-time-high price. With the premier cryptocurrency already closing in on the $106,000 level, the question is — where is the next obstacle in this recovery journey?
BTC Price Faces Significant Resistance Above $106K
In a new post on the social media platform X, on-chain analyst Burak Kesmeci revealed two major levels that could be critical to the mid- to long-term trajectory of the Bitcoin price. This analysis is based on the realized price of a specific class of investors known as short-term holders (STH).
The Bitcoin short-term holders are known for their reactive and speculative nature, as they are often triggered by sudden price movements. Hence, these investors tend to open and close their positions within a short period.
In his post on X, Kesmeci revealed three important levels based on the realized prices of investors within certain unspent transaction output (UTXO) age bands. Specifically, the on-chain analyst highlighted cost bases of investors within 1 week – 4 week ($106,200), 1 month – 3 month ($87,300), and 3 month – 6 month ($97,500) age bands.
Source: @burak_kesmeci on XAccording to Kesmeci, the Bitcoin price is likely to face significant resistance at around the $106,200 level, where 1-week – 4-week investors have their cost bases. The rationale behind this is that STH at a loss may close their positions when they return to their cost basis, leading to downward pressure and the formation of a resistance level.
On the flip side, Kesmeci also highlighted the realized price ($97,500) of short-term investors within the 3-month – 6-month age band as another critical level for the Bitcoin price. The analyst mentioned investors within this class may consider a move towards this realized price as an opportunity to defend their positions, leading to the formation of a support cushion.
In essence, this piece of on-chain data suggests that the Bitcoin price might be approaching a major resistance level just above $106,000. If it successfully breaches this level, investors might see the premier cryptocurrency revisit its all-time high of $111,871.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $105,700, reflecting a 1.3% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 1% in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
