The post Bitcoin Faces Key Support and Resistance Levels Amid Recent Rally and Profit-Taking appeared on BitcoinEthereumNews.com.

Bitcoin recently surged to a new peak of $111,800, briefly surpassing its previous all-time high, signaling renewed bullish interest in the cryptocurrency market. Despite this rally, profit-taking by long-term holders and signs of selling pressure suggest a potential pause or consolidation phase in Bitcoin’s price action. Glassnode data highlights critical price levels—$114,800, $97,100, and $83,200—that now serve as key indicators for short-term market sentiment and possible future trends. Bitcoin’s recent rally to $111,800 faces resistance as key support and resistance levels define the next market phase, with investor behavior signaling cautious optimism. ‘, ‘ 🚀 Advanced Trading Tools Await You!Maximize your potential. Join now and start trading! ‘, ‘ 📈 Professional Trading PlatformLeverage advanced tools and a wide range of coins to boost your investments. Sign up now! ‘ ]; var adplace = document.getElementById(“ads-bitget”); if (adplace) { var sessperindex = parseInt(sessionStorage.getItem(“adsindexBitget”)); var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBitget.length) : sessperindex; adplace.innerHTML = adscodesBitget[adsindex]; sessperindex = adsindex === adscodesBitget.length – 1 ? 0 : adsindex + 1; sessionStorage.setItem(“adsindexBitget”, sessperindex); } })(); Statistical Boundaries Define Bitcoin’s Short-Term Sentiment Bitcoin’s recent price action has been characterized by a sharp rally followed by a retracement, emphasizing the importance of statistical price bands in understanding market dynamics. The average entry price for recent buyers, or the short-term holder (STH) cost basis, currently stands at $97,100, according to Glassnode. This level acts as a pivotal support zone, reflecting where most recent investors have positioned themselves. The +1 standard deviation band at $114,800 represents a threshold often associated with overbought conditions or bullish breakouts, while the -1 standard deviation band at $83,200 signals elevated downside risk. These bands effectively create a corridor within which Bitcoin’s price is expected to fluctuate in the near term, providing traders and investors with actionable insights on momentum shifts. ‘, ‘…

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Filed under: News - @ June 7, 2025 1:27 pm