Bitcoin Experiences Rapid Recovery: Glassnode Announces Bitcoin's Next Critical Level! Here's the Resistance It Must Overcome!
The nearly 40-day government shutdown in the US may be coming to an end. While no agreement on a temporary budget has been reached, the US Senate has finally passed a temporary funding bill that will fund the government until January.
The bill was passed with 60 votes in favor and 40 against, but it still needs to pass the House of Representatives before it goes to US President Donald Trump’s desk for signature.
With this news from the USA, Bitcoin, Ethereum and altcoins started to rise, and it became a matter of curiosity whether the rise would continue.
At this point, on-chain analytics firm Glassnode announced the next resistance level for Bitcoin (BTC) to continue the rise.
Accordingly, Glassnode said that the next resistance level for Bitcoin is $108,500.
Glassnode added that this price point represents the average cost floor for the top 15% of investors and has historically acted as a strong resistance level during market recoveries.
“After recovering from the 75th percentile cost base, which is around $100,000, Bitcoin is currently trading sideways around $106,000.
The next major resistance for Bitcoin will be $108,500. Furthermore, $108,500 has also acted as a resistance area in past recovery phases.
*This is not investment advice.