Bitcoin Resistance Limited Beyond $100,000, On-Chain Data Suggests
Summary
Bitcoin may face low resistance at $100,000 due to investor cost basis distribution. A recent analysis indicates that less than 3% of Bitcoin's supply has a cost basis above current levels, suggesting minimal selling pressure from underwater holders. Most investors are currently in profit, which could lead to profit-taking if prices rise further. The lack of significant resistance levels implies that Bitcoin could move beyond $100,000 without major obstacles from break-even sellers. However, the potential for mass sell-offs exists as more investors may choose to take profits. Bitcoin is currently trading at approximately $99,400, reflecting a 3% increase over the past week.
