Bitcoin (BTC) has shown great volatility recently after reaching a new all-time high of $111,900. However, after this peak, it suffered a considerable drop, reaching $101,000. Despite this, the market seems to be recovering, and the next important resistance for BTC is expected to be $115,000, according to Glassnode analysis.
Key Points:
1. Recent Volatility: Bitcoin reached $111,900, then dropped to $101,000, but rebounded again towards $110,000.
2. Next Resistance: $115,000 is considered a key level that Bitcoin needs to overcome. If it continues its ascent, it may face difficulties in this price zone.
3. Investor Behavior: During the drop to $101,000, many investors did not sell out of panic. However, those who bought BTC recently (short-term holders) did sell, unlike long-term holders, who maintained their investments.
4. Selling Statistics: 43% of the losses in the recent drop came from investors who acquired BTC in the previous 24 hours. More experienced investors, with older investments, did not sell during the drop.
5. Technical Levels:
• 111-day moving average: $92,900.
• 200-day moving average: $95,400.
• 365-day moving average: $81,700.
Staying above these levels is a positive sign, while falling below could indicate weakness in the market.
6. Investors' Cost Basis: The cost basis for short-term holders is $97,600. A price below this level could signal a bearish phase.
7. On-Chain Indicators: Resistances and supports indicate that $115,400 is an important resistance, while $83,900 would be a support.
8. Market Confidence: Despite the drops, investors' willingness to buy during downturns (behavior known as "buy the dip") reflects confidence in price recovery.
Conclusion:
Bitcoin is at an exciting moment, close to its all-time high and with a growing accumulation of assets. While some investors are taking profits, most seem to be holding their positions. Monitoring key levels like $97,600 (support) and $115,400 (resistance) will be crucial to foresee the next direction of the market. The current cycle seems different from previous ones, with investor confidence and BTC accumulation marking a unique path.
