Like Bitcoin The bulls aim to restore an upward price trajectory, they can face the resistance of sellers near the level of $ 113,600, according to data on the chain.
BTC has already rebounded at $ 112,800, against levels of less than $ 108,800 reached on Tuesday, according to Coindesk data. The rebound is probably fueled by a new record of all time in the S&P 500 and a income report better than expected by Nvidia, one of the largest companies listed on the stock market in the world by market value and a bell tower for everything related to artificial intelligence.
The future way can be difficult because investors who hold at a loss can seek to sell any price rebound.
“Currently, Bitcoin is negotiated under the basis of the cost of two months ($ 115.6K) and 3 months ($ 113.6,000) Cohorts, leaving these investors under stress. Any rescue rally is therefore likely to meet resistance, because short -term holders seek to go out to balance, “the analysis company said on Wednesday published on Wednesday.
The basic metric of Glassnode costs reveals the average purchase prices to which the digital assets have been acquired by portfolios with variable maintenance durations. For example, the three -month cost base of $ 113,600 indicates that investors with assets purchased in the last three months have paid this price level on average.
Mixed flows
Currently, cash flow flows suggest a difficult battle for future bulls, while ETF and business activity suggest the opposite.
“The cash demand remains neutral, because perpetuates tilt down with a negative CVD. The current financing rate of ~ 0.01% points towards fragile neutrality. If the price exceeds $ 112.4,000 with volume, it opens the track to $ 114,000 – $ 116,000”, Timothy Misir, BRN.
That said, FNB entries and the adoption of BTC companies continue to suck a significant market supply, offering bull hope, said Misir.
“ETF flows continue to strengthen with $ 81 million for Bitcoin ETF and 307 million dollars for ETF Ether in the last day. FNB, companies and governments are now absorbing ~ 3600 BTC / Day, which is reflected in ~ 4x minors. BTC,” he noted.
Power the key support
If BTC decreases, then $ 107,000 is the level of key support to monitor.
Indeed, the analysis by Glassnode shows that the cost base of six months is at this level. Thus, an inferior break would encourage these assets for sale, potentially causing a deeper drop.
“The 6 -month -old cost base is nearly ~ $ 107,000. A sustained movement below this level may trigger fear, which could speed up the momentum,” said Glassnode.
