BlockBeats News, May 13, according to Cointelegraph, data analysis platform Alphractal pointed out that the slowdown in Bitcoin's upward momentum indicates that Bitcoin is approaching the resistance level of $106,000 and is retesting this range, increasing the risk of profit-taking by whales.
Alphractal CEO Joao Wedson stated that from the chart, Bitcoin is currently nearing the "Alpha price" range, which is a position where long-term holders or large whales may choose to take profits.
From a liquidation perspective, the risk of a "long squeeze" is also rising. If the price of Bitcoin falls to $100,000, it would trigger the liquidation of large leveraged long positions. This price range may attract the price, thereby leading to a retest of this key psychological level.
