Glassnode Analysis Suggests Bitcoin Short-Term Holders May Influence BTC Support Near $110,000
Main Idea
Glassnode analysis suggests Bitcoin short-term holders (STHs) influence BTC price support and resistance levels, with potential dips to $110,000 and resistance near $140,000 due to profit-taking.
Key Points
1. Short-term holders (STHs), defined as investors holding BTC for up to 155 days, establish key support levels, with a notable volume gap between $110,000 and $115,000.
2. The absence of support below current prices may lead BTC to test $110,000 to confirm buyer interest, making it a critical zone for traders.
3. Profit-taking by STHs at the $140,000 level could act as a significant resistance, capping BTC's near-term upside potential.
4. Glassnode's data highlights layered resistance levels based on STH purchase prices, with the $140,000 region identified as a probable ceiling due to concentrated selling pressure.
5. Traders can monitor $110,000 as a key support level and $140,000 as a resistance zone, using cost basis dynamics to anticipate price movements.
Description
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