Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst Says
Bitcoin (BTC) has surged nearly 3.5% over the past week, trading in the high $80,000 range, indicating potential bullish momentum. Key cost basis zones identified include a resistance level at $91,500 for short-term holders (less than 155 days) and a support level at $83,700 for new holders (one to three months). A breakout above the $91,500 level could signal increased bullish sentiment, while a drop below $83,700 may lead to downside risks as recent buyers could incur losses. On-chain analysis shows short-term holders are retaining their BTC despite losses, suggesting expectations of further price increases. However, Bitcoin futures sentiment reflects growing pessimism due to macroeconomic uncertainties. As of the latest update, BTC is trading at $88,759, up 1.7% in the last 24 hours.
