Bitcoin‘s Great Gamble: Will It Reach $114,800 or Plunge to $83,200? 🎭💥

In the past fortnight, Bitcoin has flirted outrageously with a new peak at $111,800, briefly surpassing its previous January triumph. One might have thought it was a balloon popping, yet here we are, contemplating whether the bull run has merely taken a breath or is about to sprint harder—or perhaps stumble over its own shoelaces.

Old hands, those venerable investors with gray hair and presumably more sense, seem to be selling off like hotcakes. The result? The bulls now face a gauntlet, a test of their youthful optimism versus the cold, hard reality of a market that’s less a steady race and more a manic dash through a hall of mirrors.

According to the wise sages at Glassnode, the Short-Term Holder (STH) cost basis is perched at $97,100—roughly the price point for the recent acquirers—whom we might affectionately call “the new kids on the blockchain.” The +1 standard deviation band stands at a tempting $114,800, a siren’s call for bullish breakout enthusiasts, while the -1 band lurking at $83,200 warns of potential pitfalls. In essence, the market’s current dance card is marked by these three critical levels:

With Bitcoin recently flirting with all-time highs, the Short-Term Holder Cost Basis at $97.1K offers a glimpse into the mood of the street. The bands at $114.8K (+1σ) and $83.2K (–1σ) are the twin gatekeepers. A decisive break beyond or below could set the stage for what’s next—glory or doom… — glassnode (@glassnode), June 7, 2025

As the seasoned hodlers take their profits, the market now straddles these three finely balanced levels—$114,800, $97,100, and $83,200. A move above or below these could either see the market’s momentum rejuvenated or doomed to fade away like last season’s fad. It’s the classic game of mental limbo, but with more money at stake.

What to Watch: The Cryptic Crystal Ball

Back on May 22, Bitcoin danced its way to nearly $112,000—clad in those shiny spot-driven robes, supported by zones of accumulation at $81K–$85K, $93K–$96K, and $102K–$104K. Yet, such rosy support zones are now more like fading echoes, as many of the historical accumulation zones have been flipped into distribution grounds, with sellers ready to pounce in the ranges of $25K–$31K, $38K–$44K, and $60K–$73K. Like a well-orchestrated play, the market’s support levels now revolve around $103,700 and $95,600, while resistance stubbornly hangs at $114,800—just waiting for a reason to either cheer or jeer.

Meanwhile, the crème de la crème of buyers from the first quarter of 2025, those brave souls who endured the descent below $80,000, are now under the spotlight again. Currently, Bitcoin has nudged up 1.05% in the last 24 hours to $104,925—bouncing back from a Thursday dip to $100,377, as if recalling its youthful exuberance with a sigh of relief (or maybe just a lucky bounce). 😏

Images omitted for brevity as per instructions

2025-06-07 14:29

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Bitcoin‘s Great Gamble: Will It Reach $114,800 or Plunge to $83,200? 🎭💥

What to Watch: The Cryptic Crystal Ball

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