Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout 📈
Bitcoin's price recently surged above $105,000 after a volatile correction, influenced by a spat between Donald Trump and Elon Musk. Despite macroeconomic pressures, the market has shown signs of stability.
According to Glassnode's on-chain analysis, an important market metric is the short-term holder (STH) cost basis, currently estimated at $97,100. This metric reflects the risk appetite of new market participants.
The cost basis serves as a market sentiment indicator and can act as support or resistance. Glassnode identifies the $114,800 level as a resistance point, with $83,200 marking critical support. A breach could lead to significant market movements.
At present, Bitcoin trades at $105,745, up 1.07%, while trading volume is down 34.27%, totaling $38.66 billion. Stability above the STH cost basis points to potential bullish momentum towards $114,800.
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