The price of #البيتكوين $BTC
Again above $105,000 after a sharp decline seen recently, yet the key $110,000 level still represents a critical resistance area.
The market shows mixed signals, as on-chain performance metrics indicate strength, while the large number of short-term coin holders in profit represents a risk.
On-chain performance metrics show strength and risk together.
According to one analyst, market indicators show mixed signals. The MVRV Z-score, which helps measure whether the value of Bitcoin is overvalued or undervalued, is currently +0.6. This indicates buying strength in the market without any signs of excessive activity.
In the meantime, 83% of short-term Bitcoin investors are still making profits. The analyst wrote: "The market is still in an upward trend with moderate overbought levels and strong interest from short-term Bitcoin investors." However, he warned that with such a large number of short-term Bitcoin investors profiting, there is a greater risk of the price dropping to around $110,000 if people start selling.
Bitcoin is currently stuck in a range
Between June 9 and June 11, Bitcoin attempted to rise above the $110,000 level but failed. Currently, Bitcoin remains in a sideways range between $104,000 and $110,000. According to one analyst, any pullback from current levels is likely to be a temporary correction within a broader upward trend.
Although Bitcoin may be in the final stages of this bull cycle, there is still room for further price increases. Some models suggest that Bitcoin could reach $130,000 during this cycle. However, before that, the market may experience short-term declines, especially around resistance areas.
Currently, the key resistance levels to watch for Bitcoin are at $108,822 and $110,550, while support is at $106,220 and $102,780. If the price breaks the resistance level, it could open the door for a rise towards $113,000. On the other hand, if the price of Bitcoin drops below the support level, it may slide back into a range between $92,800 and $99,200, which analysts have indicated as a potential retracement area.
