Economic Determinants for Bitcoin Price: Where is the New Direction?

Bitcoin (BTC) has been fluctuating between the cost base ranges of 0.85 and 0.75 recently, and this situation provides important clues about the direction of the market. As of today, the price of Bitcoin is trading at approximately 104 thousand dollars. This value is currently stuck between the 0.85 cost base range (108.5 thousand dollars) and the 0.75 cost base range (100.6 thousand dollars), both of which have historically acted as strong support and resistance areas.

This current price structure indicates that investors are experiencing uncertainty in terms of direction. While it is notable that Bitcoin has managed to regain itself above the 100 thousand dollar level after the fluctuations in October, a strong breakout has not yet occurred. Experts emphasize that these cost base levels are a critical indicator for understanding the behavior of professional investors.

If the 108.5 thousand dollars level is exceeded, an upward movement for Bitcoin is likely to begin. In such a case, the price is expected to first test the 115 thousand dollars range and then gain momentum towards its all-time high. On the other hand, if the 100.6 thousand dollars level is breached, a deeper correction process may begin. This situation is considered an important breaking point according to historical data.

In past cycles, Bitcoin has generally experienced strong upward breakouts after testing cost base ranges. Therefore, the question of "which level will break first?" is currently being focused on in the market. The decline in trading volume in recent weeks may be a herald of an upcoming breakout. This ongoing price congestion in the critical range has investors' eyes fixed on the developments from the 100.6 thousand - 108.5 thousand dollars band.