The Bitcoin Index indicates a possible transformation in momentum – can bulls be up to $ 100,000?
Bitcoin is trading without a $ 100,000 sign, with Bulls’s inability to restore this main level for more than three weeks. The price remained higher than the critical demand areas, but the uncertainty in the market and fluctuations are still affecting feelings. Investors are increasing, as BTC has been decisive prices, and they fluctuate between attempts to break the supply and the risk of deeper correction.
The decisive data from Glassnode reveals that the short-term product profit rate in Bitcoin (STH-SOPL) in a simple 7-day average (SMA) tests again a tie level at 1.0. This indicator measures whether short -term holders sell profit or loss. Historically, clean interruption is affirmed over 1.0 transformation in the momentum of the market, and often leads to strong gatherings. However, the failure to adhere to this level repeatedly has renovated the pressure pressure and decreased more prices.
The next few days will be decisive as Bitcoin tests this main scale. If BTC is able to restore $ 100,000 while Sth-SOPP collapses over 1.0, the reflection of the upward trend may be confirmed. However, in the event of rejection, the market may face another wave of sale, which causes BTC to low demand levels.
Bitcoin price is still uncertain
Bitcoin has fought without a sign of $ 100,000 since late January, as the bulls failed to confirm the recovery gathering despite multiple attempts. At the same time, the bears were unable to push BTC to less than the main demand levels about $ 90,000, making the market closed in a narrow monotheism. This lengthy period of the frequency of the investors left frustrated, because they expect a big step in either direction.
The short -term expectations of Bitcoin remain unconfirmed, as price procedures show signs of monotheism. While investors continue in the long term to keep it, traders in the short term are looking for the next direction. Glassnode joint data on x It reveals that the short-term product profit rate in Bitcoin (Sth-SOP) in a simple 7-day average (SMA) tests again the equalizer at 1.0. This scale measures whether short -term holders sell profit or loss, providing basic visions in the market morale.
Historically, the outbreak of the highest level of 1.0 was confirmed in momentum, which often leads to strong upward trends. However, failure to retain this level frequently renovated the sale pressure. The last attempt in early January was successful but short -term, which made this test a critical moment for the next movement of Bitcoin.
If BTC holds the highest levels of key while the Sth-SOPP increases, it may follow the occurrence of 100 thousand dollars and beyond. On the contrary, the other rejection can lead to the new downside, which places the main demand levels on the test again.
BTC carries a narrow range as it fights bulls
Bitcoin is trading at $ 95500 after days of non -decisive measures, struggling between the main demand levels and supply levels. The bulls were unable to restore the brand of $ 100,000, as it faces strong resistance every time BTC approaches this psychological level. At the same time, bers failed to pay the price to less than 94 thousand dollars, while maintaining the market in a narrow range.
This long monotheism indicates that the main step is on the horizon. Historically, when bitcoin trades in such a long narrow range, it follows great outbreak. If the current demand levels are suspended and you find BTC momentum, then there is likely to be a higher payment of $ 100,000 in the coming days. Breaking this resistance may lead to an aggressive gathering in discovering prices.
On the other hand, if Bears managed to control and pay the price to less than 94 thousand dollars, BTC can test the low demand areas, with $ 90,000 a decisive level to see it. Currently, all eyes are on the market where traders expect the big step for Bitcoin. There is one certain thing – by breaking the BTC of this range, it will be a huge break in either direction.
Distinctive image from Dall-E, the tradingView graph
