Bitcoin (BTC) has recently registered strong volatility after reaching a new historical record of $111,900. After that record, the price faced strong resistance and fell to USD 101,000. However, the market showed signs of a recovery and returned to the USD 110,000 sector.
In all of this, US$115,000 per BTC has emerged as the next important resistance to digital assets price, according to GlassNode market analytics company.
The expectation to see BTC’s major contributions arise in part from $101,000 to $101,000, which was an average of 9% during the BTC collapse. Investors did not panic or sell on a large scale.
Of course, not all investors responded the same way. Yes, there was sales during the BTC collapse, and most of the time they came from people who recently bought Bitcoin. These are known as Short term holdersBecause they got their historic biggest BTC. When prices fell, some of these new investors decided to sell, probably because they didn’t want to lose more money.
GlassNode data shows that 43% of the losses come from those who purchased in the last 24 hours, 26% of those who purchased in the past 24 hours, 26% of those who purchased in the day and in the week and 26% of those who purchased in the week and one month ago, as shown below.
In contrast, the most experienced investors, those who had months or years (also known as long-term holders), did not sell during the price decline in BTC.
This shows that those who left their holdings were primarily the latest and most speculative investors and those on the market They believed the prices would recover.
It’s a behavior other than the one observed on a recent day when experienced investors were selling their holdings, as reported by Cryptootics. This is because it reached an area where investors were thrilled, reaching the historic maximum of US$111,800. They became a source of sales pressure.
Important levels of Bitcoin prices
It’s convenient because Bitcoin is very close to its historic maximum Look at some major price levels To understand what is going to happen. There are two types of levels that can be analyzed: engineers (based on price patterns) and on-chain (based on chain data).
For technical data, you can support yourself on mobile average, a line that softens the price movement. These are common tools for assessing whether the market is strong or weak.
According to GlassNode, there are some important levels here.
- 111 -Day Mobile: $92,900.
- 200 Day Mobile Average: $95,400.
- 365 – Day Mobile Average: $81,700.
This graph allows you to better evaluate these averages:
Bitcoin is above these levels, which is a good indication as it shows that the market has its strengths. On the other hand, if the price falls below $92,900-95,400, It may be a sign that your impulse is weaker. On the other hand, exceeding these levels suggests that Bitcoin is on the upward trend.
The price close to the price indicated by the US$94,000 GlassNode was previously identified as the main support level for BTC since over 420,000 Bitcoin. They have a cost base for that price. As reported by Cryptootics, given the supply concentrations accumulated there, that price range provides a strong support for the current cycle.
When it comes to on-chain metrics, the average price at which new investors purchased Bitcoin, the cost of short-term holders offers an interesting perspective.
Currently, this level is $97,600. If the price is below this level, I was able to show that the market is in a bearish stage. On the contrary, if it remains on top, it is a positive signal.
You can also look at this level of band and see where the support and resistance are.
- Resistance (+1 standard deviation): $115,400.
- Support (-1 standard deviation): $83,900.
This graphic shows it better:
In the recent fall, the price approached $97,600, but buyers were found at $101,000. This is good news, It shows investors will be happy to buy when prices drop slightly, Their trust is still solid.
It should be noted that this behavior is usually called “” in Bitconner’s terminology.I’ll buy a dip“This is to get more coins when the price of BTC is revised. Great personalities, such as Michael Saylor, head of the strategy company, and Naive Bukere, president of El Salvador, reported by encryption, “buy a dip” at waterfalls in the past.
On the other hand, these levels indicate that the next challenge overcome by BTC is USD 115,400. He tested investors and their beliefs. This is similar to the price shown by financial analyst Willie Wu, and we see a significant level of the upward trend at USD 114,000.
An exciting situation
At this point, Bitcoin is in an exciting situation and quotes it as very close to its historic maximum. Some experienced investors have an advantage to make a profit, but they don’t sell everything, but the amount of bitcoin that this whole investor cohort continues to grow. This is different from the previous cycle. It was used by long-term holders to sell more when prices were high.
At the same time, there are indications that the market could become more volatile, especially as many people have purchased BTC at a price close to the current price. but, Option operators seem to be sure there will be no major changeswhat are the signs that volatility is near?
For investors, it is important to monitor key levels such as $97,600 (support) and $115,400 (potential resistance). If BTC is maintained above the mobile average and short-term holder costs, the upward trend may continue. But if it falls below these levels, We were able to see the stages of uncertainty.
Bitcoin continues to show strength, but the market is at a critical point. Investor trust, Bitcoin accumulation, and institutional entry They mark this cycle as unique.
