Bitcoin Faces Critical Resistance Levels Around 106000 Dollars As Short Term Holders Influence Price Movements in the Global Cryptocurrency Market

Bitcoin Faces Critical Resistance Levels Around 106000 Dollars As Short Term Holders Influence Price Movements in the Global Cryptocurrency Market

After a shaky end to last week, Bitcoin has bounced back impressively over the weekend.

The cryptocurrency dipped close to $101,000 but quickly regained momentum, now pushing toward the $110,000 mark.

With BTC closing in on about $106,000, many are asking — what’s the next big hurdle on its climb back to all-time highs?

Key Resistance Levels to Watch Above $106,000

On social media platform X, on-chain expert Burak Kesmeci shared some insights that shed light on Bitcoin’s upcoming challenges.

He focused on the behavior of a specific group of investors called short-term holders (STH).

These traders are known for reacting quickly to price swings, often buying and selling within a matter of weeks.

Kesmeci highlighted three important price levels where these short-term holders have bought Bitcoin, based on how long they’ve held their coins.

These are investors who bought within the last week to four weeks (around $106,200), those who bought one to three months ago (about $87,300), and those who bought three to six months ago (near $97,500).

Why $106,200 Could Become a Tough Wall

According to Kesmeci, the $106,200 level is crucial because many short-term holders bought Bitcoin in that price range.

If the price approaches this level, investors who are currently at a loss might decide to sell to break even.

This selling pressure could create a resistance wall, making it harder for Bitcoin to move higher.

On the other hand, the $97,500 price area might act as a safety net.

Investors holding coins for three to six months could see this as a good point to defend their positions, potentially providing support if the price drops.

What Happens If Bitcoin Clears This Resistance?

If Bitcoin manages to break past the $106,200 resistance, it could open the door for a run at its previous all-time high of nearly $112,000.

This would be a major milestone, signaling strong confidence among investors and potentially sparking further buying.

Current Price Snapshot and Market Movement

Right now, Bitcoin is trading around $105,700, up roughly 1.3% over the last day.

Looking at the weekly chart, BTC has gained a little over 1% in the past seven days, showing steady growth despite recent volatility.

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