Bitcoin Faces Key Resistance at $120,000, Analysts Predict Potential Breakthrough

According to BlockBeats, traders are closely monitoring the $120,000 level as a critical resistance point for Bitcoin. Analysts suggest that a significant buying surge could propel Bitcoin to new all-time highs if this level is surpassed. Glassnode's latest report highlights that a confirmed breakthrough could alter the market structure, shifting focus to the $141,000 region. This area corresponds to two standard deviations above the short-term holders' (STH) realized price, indicating a zone where profit-taking might intensify. Another important level to watch is $125,000, representing one standard deviation above the STH cost basis. On the downside, traders should be aware of Bitcoin's STH cost basis around $105,400 and the year's opening price of approximately $93,000. These levels align with one standard deviation below the STH cost basis. Analyst Killa notes that the $114,000 to $116,000 range is a crucial area of interest. Bitcoin's price might briefly dip below this range, potentially filling a gap at $112,000 before stabilizing and rebounding.