A Step Away from a New High: Can Bitcoin Break Through the 'Short-term Supply Wall'?

Recently, Bitcoin's price has surged again, just a step away from this year's high. Based on the STH-MVRV indicator calculations, there is significant resistance for Bitcoin in the ranges of $112,000 and $117,000. These two price levels correspond to the substantial entry cost zones of past short-term holders. Once the price approaches these positions, the market may face short-term selling pressure.

If the current trend fails to effectively break through the aforementioned ranges, Bitcoin may briefly enter a consolidation period; conversely, if it successfully rises above $117,000, it could trigger a trend-driven upward rally, marking the start of a new price cycle.

The next few days will be a crucial moment to verify whether the bullish momentum is sufficient. I will continue to monitor various data points, including capital flows and on-chain activity, to assess whether Bitcoin can successfully open up upward space.