Here’s Where Bitcoin Could Face Significant Resistance

Cryptocurrency research firm Alphractal has issued a warning, suggesting that Bitcoin may be nearing a local peak.

Based on their analysis, the firm predicts that Bitcoin’s price could reach a local top around the $111,000 mark.

This forecast is grounded in the Cumulative Value Days Destroyed (CVDD) metric, which Alphractal describes as one of the most effective tools for identifying price bottoms in Bitcoin’s market.

The firm highlights the $111,000 price point as a significant resistance level.

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The analysts explained that the CVDD Channel, which is composed of several lines derived from the CVDD metric, provides a reliable means of pinpointing support and resistance zones.

They estimate that the $111,110 level represents a key resistance point. While breaking this barrier could signal bullish momentum, Alphractal cautioned that this level might continue to act as a ceiling for Bitcoin’s price in the short term.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.