Analyst: If Bitcoin breaks through the resistance level of $120000, it is expected to reach a historic high

On July 30th, according to Cointelegraph, $120000 is currently the key resistance level for Bitcoin that traders are concerned about. Several analysts believe that if there is a large amount of buying to push the price above this level, it will open a channel for Bitcoin to quickly reach a historical high. Glassnode stated in its latest report that once a breakthrough is confirmed in this region, the market structure may change, and the $141000 region will become the focus of attention, corresponding precisely to the position where short-term holders (STH) achieve two standard deviations above the price. This is a key on chain indicator indicating that profit taking behavior may significantly intensify. Another key level worth noting is $125000, which represents one standard deviation above the short-term holder (STH) cost base. 「 On the downside side, traders should pay attention to Bitcoin's STH cost base, which is around $105400, and its opening price at the beginning of the year, which is around $93000. These two positions roughly correspond to one standard deviation below the STH cost base. Meanwhile, analyst Killa stated that the $114000 to $116000 range is a key area of focus. The price of Bitcoin may briefly fall below this range, replenish to a reasonable gap value of $112000, and then stabilize and rebound.