Bitcoin rallies above major cost bases as bulls eye $96K resistance

Bitcoin has rallied above major cost bases, according to FXStreet, putting market attention on a potential test of $96,000 as a resistance level. The move places the cryptocurrency above price ranges that can be important for assessing investor positioning and sentiment.

A cost basis generally refers to the average price at which a group of holders acquired an asset. When Bitcoin trades above such levels, those holders may be less likely to be sitting on unrealized losses, while a return below them can be watched as a sign of renewed market pressure. FXStreet characterized the current setup as one in which bulls are targeting the $96,000 area.

Bitcoin remains the largest cryptocurrency by market significance and is often closely followed for broader digital-asset market direction. Resistance is a technical-analysis term for a price zone where selling interest may emerge and slow or reverse an advance. Whether Bitcoin can sustain its move above the cited cost bases and challenge $96,000 will remain a key focus for traders monitoring the rally.