Summary
- There is analysis suggesting that Bitcoin is facing strong resistance at $98,000.
- It was stated that maintaining the $95,000 support level and breaking through the $98,000 resistance level are crucial for Bitcoin's rise.
- It was warned that if Bitcoin falls below $95,000, it could drop to as low as $75,000.
Investors are keenly watching whether Bitcoin (BTC), the leading cryptocurrency, will surpass the $100,000 mark. Meanwhile, there is analysis suggesting that Bitcoin is facing strong resistance at the $98,000 level.
According to CoinDue, a cryptocurrency-focused media outlet, Glassnode stated on the 5th (local time) that "Bitcoin is currently at a crucial decision point," adding that "the conditions for Bitcoin's rise, as suggested by analysts, are maintaining the $95,000 support level and breaking through the $98,000 resistance level."
Glassnode explained, "Currently, 86% of Bitcoin's supply is in profit," noting that "this generally indicates an optimistic sentiment, but when the supply profitability is high, short-term holders may realize profits, leading to a temporary correction."
They further added, "If Bitcoin falls below $95,000, the downtrend could extend to $85,000, and even further to $75,000."
Meanwhile, as of 8:27 AM on the 6th (KST), Bitcoin is trading at $94,940, up 0.47% from the previous day, according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
