Bitcoin Price Surges Past $120,000 Short-Term Holder Cost Basis, Eyes $136,000 Resistance Level

On July 18, Glassnode highlighted a significant technical milestone for Bitcoin, noting that its price surpassed the short-term holder cost basis plus one standard deviation, approximately at $120,000. This metric is crucial as it frequently acts as a resistance barrier during robust bullish phases. Market analysts often monitor these statistical thresholds to gauge potential price ceilings and investor sentiment. Should the upward momentum persist, the subsequent resistance is projected near two standard deviations above the mean, close to $136,000. Understanding these resistance levels is vital for traders and investors aiming to optimize entry and exit points within the volatile cryptocurrency market.