According to BlockBeats, data analysis platform Alphractal has highlighted concerns regarding Bitcoin's slowing upward momentum. The cryptocurrency is nearing a resistance level of $106,000, which could lead to increased risk of profit-taking by large holders, known as whales.
Joao Wedson, CEO of Alphractal, noted that Bitcoin is approaching the 'Alpha Price' range, a zone where long-term holders or whales might opt to realize profits. This situation raises the potential for a 'long squeeze,' where leveraged long positions could face liquidation if Bitcoin's price drops to $100,000.
The $100,000 price range is seen as a significant psychological barrier, and its testing could attract further market attention, potentially leading to another examination of this critical level.
