Bitcoin Faces Key Resistance at $127,000 with Potential Rise to $144,000
Bitcoin is currently trading around $117,000 after a volatile week, reaching an all-time high of $124,457 before dropping below $118,000 due to US PPI data. Glassnode has provided insights on potential price targets based on short-term holders’ market activity.
Short-Term Holder Cost Basis Indicates Potential for $144K
- Glassnode's analysis shows Bitcoin’s short-term holder (STH) cost basis at $107,000.
- The resistance level is projected at $127,000, aligning with the +1σ band, indicating a heated market.
- A break above $127,000 could lead to increased buying momentum, targeting $144,000 (+2σ band).
- If Bitcoin falls below the STH cost basis, attention may shift to the -1σ band at $93,000 as a support level.
Current Bitcoin Price Summary
- Bitcoin is trading at $117,396, reflecting a 1.02% decline in the past 24 hours.
- Daily trading volume decreased by 33.56% to $70.56 billion.
- Analyst Ali Martinez predicts a recovery for Bitcoin following last week's decline.
