Bitcoin (BTC) is facing downward pressure after failing to close above the critical $105,000 resistance level. This key price point has acted as a ceiling, preventing further upward movement.
📉 Long-Term Holders Fuel Selling Pressure
Data reveals a spike in Bitcoin’s Liveliness, signaling increased activity from long-term holders (LTHs). Many LTHs have sold their positions, as shown by rising Coin Days Destroyed, adding to selling pressure. Historically, such sell-offs lead to bearish trends, which played out over the weekend and into today.
📊 Signs of Undervaluation Amid Decline
Despite the downturn, Bitcoin’s macro indicators suggest potential recovery. The Network Value to Transaction (NVT) Signal points to BTC being undervalued compared to transaction activity, hinting at possible growth. While sentiment isn’t explicitly bearish, supportive conditions like increased buying or positive economic news could spark a rebound.
🔮 $BTC Price Prediction: Key Levels to Watch
Bitcoin dropped 3.88% in 24 hours, landing at $100,682. The next key support is $100,000, a critical psychological level. A bounce here could stabilize the price, but a break below may lead to $95,668, deepening losses. Alternatively, reclaiming $105,000 could reverse the bearish trend and push BTC toward its all-time high of $109,699, restoring investor confidence.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
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