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Two main support levels to follow for the price of Bitcoin this week.
Bitcoin (BTC) has recently ended a two-week downtrend, during which its price fell to 100,200 USD before bouncing back. Despite this bounce back, Bitcoin is still facing selling pressure from long term investors (LTHs), which could make it vulnerable to a potential price correction.
The cryptocurrency market is currently very volatile, and the next price movement of Bitcoin will depend on many factors.
Concerns about selling pressure
The cost basis segments of Bitcoin indicate important support levels that could play a decisive role in the coming period. The SSD index (Supply Distribution Can Be Spent) at 0.95 suggests that 95% of the circulating Bitcoin supply has been purchased at prices below 103,700 USD. This indicates that only 5% of Bitcoin was bought above this level, turning 103,700 USD into a strong support zone.
Additionally, another important support level is at 95,600 USD, where the SSD index of 0.85 coincides. This level represents a point where 85% of the circulating Bitcoin has a lower purchase price, making it another potential support point for the price of Bitcoin.
If Bitcoin faces increased selling pressure, these support levels could become strong barriers to further fall.
Historical trends show that any correction Bitcoin faces due to selling by LTHs is likely to be temporary. With the potential for Bitcoin's price to grow in the long term, the market may soon shift to a positive sentiment, especially if broader market conditions improve.
Bitcoin has recently increased by 4.7% over the past three days, currently trading at 105,623 USD. Based on the current market sentiment and important support levels, the ongoing factors suggest that Bitcoin may experience a short-term fall.
If Bitcoin cannot maintain the level of 106,265 USD and continues to face selling pressure, it may fall below the support level of 105,000 USD and move towards 103,700 USD. This level, as determined in the cost basis segments, could provide significant support. In a more bearish scenario, Bitcoin could even slide down to the next support level at 102,734 USD.
On the contrary, if the broader market shifts to a positive sentiment and effectively copes with the selling pressure from LTHs, Bitcoin could break through the resistance level of 106,265 USD. A successful breakout above this level could drive Bitcoin towards 108,000 USD or even higher, invalidating the current bearish hypothesis and signaling a potential bull run.
Mr. Giáo