Cryptocurrency analysis company Alphractal warned in its statement that a local peak in Bitcoin may be imminent.
According to the analytics firm, the local top for the BTC price could be around the $111,000 level.
Alphractal argued that this level was found based on the CVDD, or Cumulative Value Days Destroyed, metric, which he described as the best indicator for finding price bottoms in Bitcoin prices. According to the analysis company, the $ 111,000 level stands out as the main resistance zone.
According to the company's analysts, the CVDD Channel consists of several lines derived from CVDD, and this metric can identify support and resistance levels with impressive accuracy.
Analysts reported that the resistance level is estimated exactly at $111,110. According to the company, if this level can be broken, it would be extremely good news for the bulls. However, they also warned that this level could continue to play the role of market top for some time.
At the time of writing, the BTC price is trading at $103,789, and has gained around 12% in the last week.
*This is not investment advice.
