Bitcoin Facing Critical Levels
Despite the recovery, Bitcoin is still experiencing selling pressure from Long-Term Holders (LTH), which could lead to a short-term price correction. Fortunately, analyzing the cost basis quantiles for Bitcoin reveals two crucial support levels to watch:
- $103,700: 95% of the circulating Bitcoin supply was bought below this level, making it a strong support zone.
- $95,600: This level coincides with where 85% of the circulating supply has a lower purchase price, establishing another potentially crucial support.
These levels could act as solid barriers in case of new selling pressure on Bitcoin.
Encouraging Long-Term Perspectives
Although LTHs exert short-term pressure, historical data on Bitcoin’s monthly returns are rather positive. In June, the asset typically showed a median increase of 2.58%.
This suggests that any correction due to LTH selling is likely to be temporary. With long-term growth potential, the Bitcoin market could soon embrace a bullish trend, especially if market conditions improve.
Bitcoin: What Does the Chart Say This Week?
In recent days, Bitcoin’s price has increased by 4.7%, currently trading around $106,263. However, it remains below the key $106,265 resistance. If BTC fails to break this level, it could retreat to $103,700, a strong support identified by cost basis quantile technical analysis. In a bearish scenario, it could even slide down to $102,734.
Conversely, a breakthrough above $106,265 could propel Bitcoin towards $108,000 or more, invalidating the current bearish thesis and indicating a potential bullish rally. Although BTC must navigate a period of short-term volatility, its key support levels at $103,700 and $95,600 could help withstand a deeper correction. With encouraging long-term outlooks, the market could soon regain a bullish trend, offering new opportunities to savvy investors.
How to Buy BTC on Bitget ?
To invest in Bitcoin, Bitget is the most reliable and user-friendly platform. Follow these simple steps:
- Sign Up: Create an account on the Bitget website or mobile app.
- Verify Your Identity: Complete KYC verification to secure your account.
- Deposit Funds: Transfer fiat currencies (USD, EUR, etc.) or cryptocurrencies (BTC, USDT) to your Bitget wallet.
- Buy the Token: Go to the spot market, select the BTC/USDT pair or other, and place a buy order.
