Intense competition above $110,000 for Bitcoin, key resistance level exposed!

As Bitcoin once again surges past the $110,000 mark, market sentiment has briefly warmed up, providing an important reference signal for the current trend. However, we must remain patient, as on-chain data feedback has a certain delay, and it is difficult to make accurate judgments based solely on daily fluctuations.

From the extreme deviation pricing band of the MVRV indicator, the current trend closely aligns with previous peak positions. When it first peaked, Bitcoin faced resistance near the orange line, and if it rebounds again, the $112,500 level may become a key resistance point. According to data from June 9, this resistance level remains valid and may trigger periodic selling pressure from long-term holders.

Therefore, in addition to continuing to track the previously mentioned "technical divergence" signals, we should also pay attention to whether funds continue to flow in, which is crucial for determining whether the market has sustained upward momentum. As Glassnode stated, the market is currently at a critical decision point, and the future direction will largely depend on changes in new demand.

Next, we will continue to update relevant data and provide clear and feasible analysis and judgments, so please stay tuned.