Analyst: Bitcoin Approaching Key $106,000 Resistance Level, Whale Profit Taking Could Lead to Upside

BlockBeats News, May 13th, according to Cointelegraph's report, data analysis platform Alphractal has pointed out the topic of Bitcoin's slowing upward momentum, noting that Bitcoin is approaching the $106,000 resistance level and retesting that range, increasing the risk of whale profit-taking.

Alphractal CEO Joao Wedson stated that from the charts, Bitcoin is currently nearing the "Alpha Price" range, which is where long-term holders or whales may choose to take profits.

From a liquidation perspective, the risk of a "long squeeze" is also increasing. If the Bitcoin price falls to $100,000, it will trigger the liquidation of large leveraged long positions. This price range may attract buying interest, leading to a retest of this key psychological level.