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Bitcoin Faces Resistance as Whale Profit-Taking Risk Increases
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.
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.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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