Analyst: BTC Approaching Key Resistance Level at $106,000, Whale Profit-Taking May Increase
According to ChainCatcher, as reported by Cointelegraph, data analysis platform Alphractal has pointed out that the momentum of Bitcoin's rise is slowing down, with BTC approaching the resistance level of $106,000 and retesting this range, increasing the risk of profit-taking by whales.
Alphractal CEO Joao Wedson stated that from the charts, Bitcoin is currently approaching the "Alpha price" range, which is a position where long-term holders or whales might choose to take profits.
From a liquidation perspective, the risk of a "long squeeze" is also rising. If Bitcoin's price falls to $100,000, it will trigger the liquidation of large leveraged long positions. This price range may attract the price, leading to a retest of this critical psychological threshold.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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