Government Funding Bill Passes Senate
The nearly 40-day US government shutdown may be nearing its conclusion. Although no agreement on a long-term temporary budget has been finalized, the US Senate has successfully passed a temporary funding bill. This bill is designed to keep the government operational until January.
The legislation secured 60 votes in favor, with 40 opposing it. However, it still requires approval from the House of Representatives before it can be sent to US President Donald Trump for his signature.
Market Reaction and Analyst Insights
In light of these developments from the United States, Bitcoin, Ethereum, and other altcoins have experienced an upward trend, sparking curiosity about the sustainability of this rally.
Addressing this market sentiment, on-chain analytics firm Glassnode has identified the next significant resistance level for Bitcoin (BTC) that could determine its ability to continue its upward trajectory.
According to Glassnode's analysis, the next crucial resistance level for Bitcoin is situated at $108,500.
Glassnode further elaborated that this particular price point represents the average cost basis for the top 15% of investors. Historically, this level has served as a formidable resistance zone during periods of market recovery.
After recovering from the 75th percentile cost base, which is around $100,000, Bitcoin is currently trading sideways around $106,000.
The next major resistance for Bitcoin will be $108,500. Furthermore, $108,500 has also acted as a resistance area in past recovery phases.
Important Disclaimer
Please note that this information is not investment advice.