Bitcoin’s price has surged beyond the significant technical level of $120,000, identified as the cost basis for short-term holders.
This price point represents the average acquisition price for investors who have held Bitcoin for 155 days or less, making it a key indicator of market sentiment and potential support or resistance.
The next major technical hurdle for the cryptocurrency is seen near the $136,000 mark.
Market analytics firm Glassnode highlighted this breach of the short-term holder cost basis as a noteworthy technical milestone within the volatile signals signals signals signals potential bullish momentum but faces a critical test at the upcoming resistance level.