Will the upward movement in Bitcoin's price continue?

The price of Bitcoin (BTC) has started to recover after reacting to the psychological level of 100,000 dollars. This rise, which has attracted the attention of investors, indicates a period where the price has been moving sideways around 106.2 thousand dollars. According to on-chain data provided by Glassnode, this price level stands out as a significant support area where buyers have gained strength.

Analyses show that Bitcoin's next critical target is around 108.5 thousand dollars, which corresponds to the 85th percentile cost basis. Historical data reveal that Bitcoin, upon reaching these levels, usually encounters resistance and investors tend to frequently take profits. Therefore, it seems likely that the price might experience short-term pauses at this level.

This technical supply-demand balance in Bitcoin offers a critical opportunity for investors to determine their strategies. If the 108.5 thousand dollars resistance is surpassed, Bitcoin could enter a strong upward trend again. In this case, the 106-108 thousand dollars range is considered an important threshold for investors both technically and psychologically.

It is crucial for market-tracking investors to closely monitor these critical levels. Especially during periods of intensified profit-taking, how Bitcoin's price movements develop could be decisive for investors. In conclusion, while surpassing these levels is necessary for a new upward trend, potential fluctuations should also be closely watched.