Bitcoin ($BTC) has recently gone through a notable increase in its overall network activity. As per the latest data, Bitcoin’s key levels show a substantial spike in network activity, indicating substantial potential for the next notable price action. Bitcoin is trading around the $96k area. In this article, you will be able to know about the crucial levels for BTC right now on both the upside and downside.
Bitcoin STH Cost Basis Shows Potential for Next Upswing to $132,330
Crypto analyst Ali Martinez has pointed toward highlighted key levels of Bitcoin ($BTC) that emphasize the heightened activity in the ecosystem. Particularly, the short-term holder (STH) cost basis of Bitcoin stands at nearly $93,460. Maintaining position above this level could push Bitcoin to the staggering mark of $132,330. On the other hand, a dip below this spot may lead to a price correction to $72,420. The respective metric is fundamental as it displays Bitcoin’s acquisition price on average for short-term holders.
Top Crypto Asset Stays within Tight Support-Resistance Range of $96,160-$98,290
In addition to this, Bitcoin’s latest resistance and support levels also suggest a positive outlook. At the moment, the price of the top crypto asset is moving within a tight range. Specifically, the $96,160 mark provides a notable support level. Simultaneously, BTC is currently facing a considerable resistance level at $98,290.
Relative Strength Index Places Bitcoin in Overbought Zone
Based on the market data, surpassing $98,290 could pave the way for a likely noteworthy price movement. This could either push Bitcoin toward exclusive price highs or trigger a provisional pullback. Apart from that, the Relative Strength Index reveals that BTC is moving within the overbought territory. In this respect, an enormous rise has taken place in the price of Bitcoin over a short term. This potentially signifies a short-term correction or a cooling-off period ahead of additional upswing.
Active BTC Addresses Reach 925,914 over Past 24 Hours
In line with the key metrics, the $BTC network presents promising momentum. Additionally, over 6 months, the network activity of Bitcoin has reportedly touched the peak level. Hence, over the past 24 hours, the active Bitcoin addresses have touched the 925,914 in terms of number. Overall, maintaining Bitcoin’s position above its short-term holder cost basis could add to the broader bullish trajectory toward $132,330. Contrarily, failing to do so could ignite a correction to $72,420.