"Bitcoin Faces Major Resistance at $97,000"

Son Min

Summary

An analysis suggests that Bitcoin needs to surpass the $97,000 resistance level to break through $100,000.
Glassnode reported that 392,000 BTC were purchased at that price level.
Bitcoin is trading around $94,000, and analyst Ali Martinez noted that the average cost of short-term holders could become a strong resistance level.

Bitcoin (BTC) needs to break through the $97,000 resistance level to reach $100,000, according to an analysis.

On the 23rd (local time), Glassnode stated on X (formerly Twitter) that "Bitcoin needs to surpass the $97,000 resistance level to break through $100,000," adding that "approximately 392,000 BTC were purchased at that price level."

Ali Martinez, a virtual asset analyst, also presented a similar analysis. He mentioned on X that "Bitcoin is trading near the average purchase price for this year (around $94,000)," and "the average cost of short-term Bitcoin holders could turn into a strong resistance level."

As of 7:26 PM, Bitcoin is trading at $93,599 on the Binance USDT market, up 5.93% from 24 hours ago.

BTC