Alphractal Reveals Bitcoin's Fate: $100,570 Resistance Zone Looms Large

Bitcoin's price surge above $81,000 earlier in the week was followed by a drop to around $78,000 after Federal Reserve Chairman Kevin Warsh delivered a hawkish speech at Jackson Hole.

The market is uncertain about whether BTC will continue its upward trend. To shed some light on this question, analysis company Alphractal shared its updated assessment of Bitcoin using its self-developed Structured Market Bands metric.

This metric calculates support and resistance zones directly from UTXO movements on the Bitcoin network and investors' cost basis. According to Alphractal, BTC's current price of around $79,000 is within a key structural market band, which has been defined as follows:

The upper structural resistance band is at $100,570, while the lower structural resistance band is at $75,024. The upper and lower support bands are at $63,284 and $57,228 respectively.