Bitcoin‘s Great Gamble: Will It Reach $114,800 or Plunge to $83,200? šš„
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 harderāor 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 thatās 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 $97,100āroughly the price point for the recent acquirersāwhom we might affectionately call “the new kids on the blockchain.” The +1 standard deviation band stands at a tempting $114,800, a sirenās 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:Ā
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 (+1Ļ) and $83.2K (ā1Ļ) are the twin gatekeepers. A decisive break beyond or below could set the stage for whatās nextāglory or doom… ā glassnode (@glassnode), June 7, 2025
As the seasoned hodlers take their profits, the market now straddles these three finely balanced levelsā$114,800, $97,100, and $83,200. A move above or below these could either see the marketās momentum rejuvenated or doomed to fade away like last seasonās fad. Itās 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 $112,000āclad in those shiny spot-driven robes, supported by zones of accumulation at $81Kā$85K, $93Kā$96K, and $102Kā$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 $25Kā$31K, $38Kā$44K, and $60Kā$73K. Like a well-orchestrated play, the marketās support levels now revolve around $103,700 and $95,600, while resistance stubbornly hangs at $114,800ājust waiting for a reason to either cheer or jeer.
Meanwhile, the crĆØme de la crĆØme 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 $104,925ābouncing 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). š
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2025-06-07 14:29