Bitcoin Faces Bearish Pressure Below $113,000, Potential Decline to $106,500
According to Glassnode, Bitcoin faces increased selling pressure as cost bases tighten, with key support near $107,440 and resistance from short-term holders limiting recovery potential.
BTC
Summary
Bitcoin retreated to around $110,000 after peaking above $124,500. Glassnode reported growing pressure from top buyers as cost bases tighten, with short-term holders likely to sell at breakeven points. The cryptocurrency has fallen below its 1-month and 3-month realized price levels, while the 6-month moving average at $107,440 remains a critical support zone.
Terms & Concepts
- Realized Price: The average price at which all Bitcoin in circulation last moved, often used to gauge investor cost basis and market sentiment.
- Short-term Holders: Investors who have held Bitcoin for a relatively brief period, often contributing to price volatility by selling quickly at breakeven points.
- Moving Average: A statistical measure that smooths price data over a specified period, used to identify trends and key support or resistance levels.