Watch Out For These Levels If Bitcoin Price Returns To $100K: Blockchain Firm

The Bitcoin price has struggled to break out of a consolidation range since reaching a new all-time high in May. The price recently fell to around $101,000 on June 6 due to bearish pressure but has since experienced some resurgence. A blockchain firm called Sentora has identified significant levels that could impact the price of Bitcoin if it returns to the $100,000 level. Sentora's analysis is based on the average cost basis of several Bitcoin investors and the distribution of the BTC supply around the current price. The firm uses cost-basis analysis to evaluate the capacity of a price level to act as support or resistance. According to Sentora, the Bitcoin price has major support within the $95,000 – $99,000 region due to heavy accumulation by investors. This price zone would serve as an on-chain cushion for the Bitcoin price, as investors with their cost bases around the level are likely to defend their positions. If the bulls defend this support level, the Bitcoin price could be in for an extended rally, but if it fails to hold, investors can expect a surge in volatility. The current price of BTC sits just above $104,400, reflecting an almost 3% increase in the past 24 hours. Overall, the Bitcoin price is being closely watched by investors and analysts as it navigates the current consolidation range and potential support levels.