Bitcoin Sees Resistance Zone at $100,570 as Price Targets $100,000
Bitcoin has been on a rollercoaster ride in recent days, surging above $81,000 before dipping to around $78,000 following Federal Reserve Chairman Kevin Warsh's hawkish speech at Jackson Hole. Despite this drop, the cryptocurrency recovered and is currently trading above $79,000.
The analysis company Alphractal has shared its updated assessment of Bitcoin using its self-developed Structured Market Bands metric, which calculates support and resistance zones directly from UTXO movements on the Bitcoin network and from investors' cost basis. According to this metric, structural market bands are currently at these levels:
Structural Resistance Upper Band: $100,570
Structural Resistance Lower Band: $75,024
Structural Support Upper Band: $63,284
Structural Support Lower Band: $57,228
The analysis firm notes that Bitcoin's breakout above the lower structural resistance band of $75,024 indicates that the price is now moving within the next upper supply zone. This structure suggests that as Bitcoin advances further within this resistance zone, there will be increased selling pressure.