Analyst: BTC approaches the key resistance level of $106,000, the profit-taking by whales may increase

ChainCatcher news, according to Cointelegraph, the data analysis platform Alphractal pointed out that the momentum of Bitcoin's rise is slowing down, with BTC approaching the resistance level of $106,000 and retesting that range, increasing the risk of profit-taking by whales.

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

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