Bitcoin continues to attract interest despite market volatility. Technical signals and blockchain data suggest a potential move towards $117,000.
Key Level at $117,000
Blockchain data analysis indicates that the $117,000 level has become a strategic target from a short-term holder perspective. The Short-Term Holder Cost Basis metric shows that the current average price for investors who bought Bitcoin less than 155 days ago stands at $117,113. Glassnode states that this level represents the upper boundary of short-term price action and may prove critical for future market movements.
Resistance at $110,000
Growing attention from analysts is focused on the range of $109,000-$110,000, which many experts view as a potential breakout line. Analyst Rekt Capital highlights that Bitcoin is retesting its multi-month descending trendline. A daily close above this line is necessary to confirm a bullish breakout.
Prospects for Movement Towards $130,000
Some analysts, including Jelle, project that Bitcoin could reach $130,000 if it manages to close above the upper boundary of the 'bull flag' at $110,000. MVRV metrics also support this viewpoint, indicating that the market has not yet reached an overheating level, estimated at around $123,000.
Thus, with strong technical signals and blockchain analysis, the $117,000 level becomes critically important for Bitcoin's further movement. A breakout above is possible, leading to a new bullish trend.
