Analytics platform Glassnode outlines the possible path in front of Bitcoin (BTC) in the midst of a period of intense profit maker.
According to the analysis platform, Bitcoin is confronted Growing resistance after reaching a new all time last month.
The resistance can be attributed to exhaustion by making a profit by old Bitcoin holders and exhaustion of buyers who have previously purchased, according to Glassnode.
In the short term, the intensifying profit can indicate a distribution phase and not a new outbreak.
“All in all, the market seems to be at a crossroads, formed by increased sales pressure, maturing bullish momentum and requirement that itself must prove to be resilient. In the coming weeks, it will be crucial to determine whether this is a consolidation of a mid -cycle or the start of a broader top formation.”
Glassnode says that the market in the current cycle experiences the fifth large profitable wave, with the realized profit per day risen to $ 1.47 billion.
‘The most striking sales pressure comes from cohorts that gathered during important historical series: $ 25,000 – $ 31,000 and $ 60,000 – $ 73,000. These groups, many of whom are kept by multiple volatility phases, now contribute to the overhang of the supply that seems to be paying further capacity, at least in the short term. “
The continuous sales pressure of long-term holders increases the risk of a short-term correction, according to the analysis platform. According to Glassnode, the first support zone on the Bitcoin chain is around $ 103,700, while the second is approximately the price of $ 95,600. If the latter is violated, Glassnode says that it can be a confirmation of a potential “wider risk set”.
Bitcoin acts at $ 105.007 at the time of writing.
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Generated image: midjourney