[Analysis] "Bitcoin: $113,600 is a resistance level… reaching it could trigger selling"

An analysis said that if Bitcoin (BTC) price reaches $113,600, short-term investors' selling pressure could increase.

On-chain analytics firm Glassnode said in its weekly report on the 27th (local time), "Bitcoin short-term holders are still under pressure," and "on a price rebound, selling pressure makes $113,600 likely to be a strong resistance level." Glassnode said, "Spot demand is neutral but perpetual futures demand is leaning bearish," and "funding rates suggest an unstable neutral."

It presented key support in the $107,000 to $108,000 range. Glassnode said, "The market is testing the key zone," and analyzed that "if it fails to "hold" the support, it could fall to the $93,000 to $95,000 range." It added, "This correction is moderate compared to past cycles but investor sentiment has weakened," and "the market is at an inflection point between recovery and further decline."

Meanwhile, Bitcoin's price was showing gains that day. As of 4:22 PM that day, Bitcoin was trading on CoinMarketCap at $113,259.01, up 2.11% from the previous day.