Since early this year, #bitcoin has been stuck in a narrow short-term channel, showing limited volatility on either side. The upper boundary of this structure defined by +1 standard deviation above the #short -Term Holder (STH) cost basis has proven tough to crack, getting tested only once back in late May. This resistance level currently stands near $117,113.
Its significance lies not just in the number itself, but in what it represents, the threshold where short-term #market confidence begins to fade. A clean break above could signal a shift in sentiment, possibly paving the way for a stronger #bullish continuation.
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