Bitcoin Short-Term Upper Bound Is $117,000, Glassnode Says
Bitcoin is currently trading within a short-term price band, with the upper level at $117,000, according to Glassnode. This band is defined by the Realized Price metric for short-term holders (STHs), who acquired their coins within the last 155 days. When the Realized Price exceeds the spot price, STHs are in net unrealized profit; when it falls below, they face losses. Over the past six months, Bitcoin has fluctuated between two standard deviation lines from the Realized Price, with the lower bound at -1 SD and the upper at +1 SD. Bitcoin recently rebounded above the Realized Price and is currently priced at $109,500, having increased by over 3% in the last day. The +1 SD line at $117,000 represents a potential resistance level for future price movements.
