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Bitcoin News: Key Levels to Watch as Market Seeks Direction
Bitcoin prices surged past $105,000 in the last day after dipping sharply due to macroeconomic factors and a high-profile dispute between US President Donald Trump and tech mogul Elon Musk. This rebound comes as the crypto market attempts to stabilize following a recent downturn.
Market Indicators and the Short-Term Holder Cost Basis
According to the latest analysis by Glassnode, the bitcoin news today focuses on the critical price levels that could determine the cryptocurrency’s next movements. Glassnode’s report highlights the Short-Term Holder (STH) cost basis, currently at $97,100, which serves as a pivotal market sentiment indicator. This metric reflects the average purchase price of bitcoin bought by investors in the past 155 days and is crucial for understanding the risk tolerance of new market entrants.
Resistance and Support Levels to Watch
The analysis identifies $114,800 as a significant resistance level, suggesting that surpassing this could trigger substantial buying activity and potentially launch Bitcoin into new price territories. Conversely, the $83,200 mark stands as a critical support level. A drop below this could indicate underlying market weaknesses and precipitate further sell-offs and price corrections.
Current Market Overview and Future Outlook
As of now, Bitcoin is trading at $105,745, marking a slight increase of 1.07% over the past 24 hours. However, its trading volume has decreased by over 34%, indicating a quieter trading period. Stability above the $97,100 cost basis could bolster the market’s confidence, driving prices towards the $114,800 resistance. Should it fail to maintain this level, the price could retest the $83,200 support, potentially leading to bearish outcomes.
For more detailed analysis and future updates, check out [Financier News](https://www.financier.news/).
To delve deeper into the realm of cryptocurrencies and track real-time updates, consider visiting [Binance](https://www.binance.com/).
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