Bitcoin's price has shown a strong recovery over the weekend, aiming to surpass $110,000 and reclaim its all-time high. The premier cryptocurrency is nearing the $106,000 level, raising questions about the next obstacle in its recovery.
On-chain analyst Burak Kesmeci identified key levels influencing Bitcoin's trajectory, based on the realized price of short-term holders (STH). STHs are known for reacting to price changes, frequently opening and closing positions quickly.
Kesmeci highlighted three critical levels based on investor cost bases within different unspent transaction output (UTXO) age bands. These include 1 week - 4 weeks ($106,200), 1 month - 3 months ($87,300), and 3 months - 6 months ($97,500).
Bitcoin may face resistance around $106,200, where 1-week to 4-week investors have their cost bases. STHs at a loss might close positions at this level, creating downward pressure. Kesmeci also pointed to $97,500, the realized price of 3-month to 6-month investors, as a potential support level.
This data suggests Bitcoin is approaching a major resistance level just above $106,000. If broken, Bitcoin could revisit its all-time high of $111,871. As of the time of writing, BTC is around $105,700, up 1.3% in the last 24 hours and over 1% in the last seven days.