Editor's PiCK
[Analysis] "Bitcoin (BTC) Needs to Break Through Key Resistance at 108-110k to Sustain Uptrend"
Minseung Kang
Summary
- It was reported that Bitcoin needs to break through the resistance line between $108,000 and $110,000 to sustain its uptrend.
- It was explained that Bitcoin rallied to $104,000 to $106,000 after remarks by Federal Reserve Chairman Jerome Powell.
- However, it was stated that there are doubts about the sustainability of the uptrend due to slowing liquidity and network growth.
An analysis has emerged that Bitcoin (BTC) must break through the key resistance between $108,000 and $110,000 to continue its uptrend.
On the 31st, 'Negentropic,' the account of Glassnode's founder, stated on X (formerly Twitter), "Bitcoin needs to break through the $108,000 to $110,000 range with strong volume for a genuine breakout to occur."
Negentropic explained, "After Federal Reserve Chairman Jerome Powell made ambiguous remarks following the January Federal Open Market Committee (FOMC) meeting, market pressure eased. Bitcoin rallied to $104,000-$106,000."
He added, "On the other hand, liquidity and network growth have slowed, raising doubts about the sustainability of the uptrend."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
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