Glassnode's On-Chain Weekly Report: Bitcoin's Market Dynamics 📊

The recent surge in Bitcoin has shown significant selling pressure, with current indicators suggesting a potential cooling period. As reported, Bitcoin seems to be in the early stages of forming a new resistance level for the next upward move.

Key Resistance Levels 🔑
As highlighted in the report, there isn't a meaningful resistance below $87K. However, a new price range between $90K-$97K is starting to develop, and we anticipate consolidation in this area to support future growth.

Altcoin Market Dynamics 🚀
The "altcoin dominance" has recently broken its longstanding upward trend but is now testing the resistance line. This could indicate a possible "bear trap," suggesting significant upward movement for altcoins.

Looking Ahead: Bitcoin's Long-Term Direction 🔮
Bitcoin is currently influenced by U.S. market trends, with historical patterns indicating potential for further gains post-U.S. elections. Its recent "cup and handle" pattern signals that additional upward momentum is plausible, though a correction down to $73K could occur, which should be viewed as a healthy adjustment rather than a reversal.

More info🔍
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