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Bitcoin has performed relatively steadily, currently oscillating around $107,000. However, upon closer inspection, it has merely returned to the levels of June 17, while the Nasdaq index has already reached historical highs. From a long-term trend perspective, Bitcoin and the Nasdaq index are generally synchronized in direction. If the Nasdaq index continues to surge, Bitcoin may challenge the key resistance level of $110,000.
But the problem is that this round of Bitcoin's rise is a low-volume increase—there is not much capital inflow, and the market is quiet, indicating that investors are still on the sidelines. The short-term support level is at $105,000, while the range of $100,500 to $105,000 has accumulated nearly 2 million BTC, which is mainly controlled by short-term holders and is easily influenced by market sentiment.
The real strong support is between $93,000 and $98,000, which is the cost zone for long-term holders. They won't easily sell unless there is systemic risk.