PiCK
[Analysis] "Bitcoin (BTC) Needs to Break Through Key Resistance at 108-110k to Sustain Uptrend"
Minseung Kang
- It was reported that Bitcoin needs to break through the resistance line between $108,000 and $110,000 to sustain its uptrend.
- It was explained that Bitcoin rallied to $104,000 to $106,000 after remarks by Federal Reserve Chairman Jerome Powell.
- However, it was stated that there are doubts about the sustainability of the uptrend due to slowing liquidity and network growth.
STAT AI Notice
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Image = Negentropic X Capture
An analysis has emerged that Bitcoin (BTC) must break through the key resistance between $108,000 and $110,000 to continue its uptrend.
On the 31st, 'Negentropic,' the account of Glassnode's founder, stated on X (formerly Twitter), "Bitcoin needs to break through the $108,000 to $110,000 range with strong volume for a genuine breakout to occur."
Negentropic explained, "After Federal Reserve Chairman Jerome Powell made ambiguous remarks following the January Federal Open Market Committee (FOMC) meeting, market pressure eased. Bitcoin rallied to $104,000-$106,000."
He added, "On the other hand, liquidity and network growth have slowed, raising doubts about the sustainability of the uptrend."
Minseung Kang
minriver@bloomingbit.ioBloomingbit reporterPiCK News
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