Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout
Bitcoin prices have risen above $105,000 after a decline due to macroeconomic pressures and volatility from a public dispute between Donald Trump and Elon Musk. Analytics firm Glassnode reports that the Short-Term Holder (STH) cost basis is currently estimated at $97,100, indicating market sentiment and risk appetite among newer investors. The +1 standard deviation level is identified at $114,800, which serves as a significant resistance point; breaking above this level could lead to increased buying pressure. Conversely, the -1 standard deviation level at $83,200 is seen as critical support; falling below this could trigger market weakness and further price corrections. Bitcoin is trading at $105,745 with a 1.07% gain in the last 24 hours, while daily trading volume has decreased by 34.27% to $38.66 billion. Continued consolidation above the STH cost basis may lead to bullish momentum towards $114,800.
