Analysis: Bitcoin may experience range fluctuations, $110,000 constitutes the first strong resistance level

Odaily Planet Daily Report: CryptoQuant's research shows that Bitcoin will continue to experience range-bound fluctuations. Analyst Percival points out that Bitcoin's 14-day volatility index (CI) is in the early stage, indicating a corrective trend during the consolidation period. Note: The higher the CI value, the greater the volatility in the market, and the lower the market trend is upward or downward. This means that in the short term, Bitcoin bulls may see slow progress in price discovery. As of the time of writing on December 7, the daily CI measurement was 56.7, the highest level since mid-August. Percival said that by looking at the actual price of short-term Bitcoin holders, the strong resistance level that the market may encounter can be predicted. The first resistance level is $110,000 (+1.5sd), which is a relatively large profit area for short-term holders. "When traders associate with psychological numbers, $120,000 has a very strong psychological and emotional impact, and as a value within +2sd, it makes this bottom line a deeper consolidation area." (Cointelegraph)