Bitcoin (BTC) broke new records last week, followed this week by Ethereum and altcoins. Ethereum (ETH), while still far from its previous ATH, saw significant gains. While people are wondering how Bitcoin and Ethereum will behave from now on, Glassnode shared its expectations. Accordingly, Glassnode said that Bitcoin has broken through a significant resistance level around $120,000, with the next target being $136,000. In its latest analysis, Glassnode analysts reported that Bitcoin short-term holders have exceeded the average cost basis by +1 standard deviation (approximately $120,000). Analysts added that this critical area, currently around $120,000, has historically often served as resistance in strong uptrends for the Bitcoin price. Analysts recently stated that if the upward momentum in Bitcoin continues, the next resistance will be +2 standard deviations, approximately $136,000. “This level has historically served as resistance during periods of strong momentum. If the uptrend in Bitcoin continues, the next resistance is at +2 SD, around $136,000.” *This is not investment advice. Continue Reading: Glassnode Shares What It Expects for Bitcoin (BTC) Next! Here Are the Critical Levels!
