Bitcoin Faces Key Resistance Line: Glassnode Analyzes Price Movements

On-chain analysis firm Glassnode published its latest analysis report on the Bitcoin (BTC) market on April 30.

While the price of Bitcoin is in an upward phase, it's facing its first key resistance line. The potential for volatility (price fluctuation) is increasing in both directions, the report noted, also touching on the behavior of long-term holders.

The report highlights that a crucial factor is the price surpassing the average acquisition cost for short-term holders and other benchmarks like the 111-day moving average.

The 111-day moving average is at $91,300, while the average acquisition cost for short-term holders is $93,200...