Bitcoin Faces Low Resistance Beyond $100,000, According to On-Chain Data

On-chain data indicates that Bitcoin may face low resistance at $100,000 due to the distribution of investor cost basis.

Investor Cost Basis Analysis

Sentora's analysis shows limited Bitcoin supply with cost basis above current price levels.
Less than 3% of Bitcoin's supply has a cost basis above the spot price.
Investors are likely to react during price retests of their acquisition costs.
Profit-taking could pose risks as the majority of Bitcoin holders are currently in profit.
The absence of major resistance levels suggests potential for movement beyond $100,000.

As of now, Bitcoin trades around $99,400, reflecting a weekly increase exceeding 3%.