Bitcoin Price Faces Critical Levels: Key Support and Resistance Points
Bitcoin’s price has struggled to gain traction, currently between $96,365 and $98,467. On-chain data indicates strong support at $96,365 from substantial buying activity, while $98,467 may present selling pressure from investors eager to offload. This situation creates a critical moment for Bitcoin’s future direction.
Bitcoin’s price has faced challenges recently, particularly during weekends. After displaying bullish tendencies on Friday evening, it appears to have reverted to its typical weekend slump. Following a spike late Friday, BTC has entered a narrow consolidation range between $97,000 and $98,000, with new on-chain data indicating the cryptocurrency is positioned between two significant price levels.
Investors are particularly attentive to the price levels of $96,365 and $98,467. Prominent crypto analyst Ali Martinez shared insights on Twitter regarding Bitcoin’s current market position. His analysis suggests that Bitcoin’s performance hinges on these critical levels, which could influence its immediate future.
This analysis stems from the average acquisition prices of various BTC investors, illustrating whether specific price points serve as support or resistance. According to IntoTheBlock’s data, approximately 1.97 million addresses have bought around 1.43 million BTC between $94,659 and $97,544, averaging at $96,365. This concentrated buying activity signals a robust support level, likely sustained by investors willing to buy more if prices revert to this level.
Conversely, the price range between $97,650 and $99,470 is characterized by around 1.16 million addresses having purchased over 1.16 million BTC. This area may present a formidable selling pressure, as investors in the red may opt to sell when prices approach their cost basis. Thus, Bitcoin’s current pricing scenario sees it at a crucial turning point that may define its trajectory over the coming weeks.
As of the latest data, Bitcoin is priced at approximately $97,700, showing little variation within the previous 24 hours. The chart data from TradingView reflects this stagnation in BTC’s price movement, highlighting its consolidation within the defined levels.
In summary, Bitcoin’s price is currently between two significant levels, $96,365 and $98,467. The analysis indicates strong buying support around $96,365 and potential selling pressure near $98,467, creating a critical juncture for the cryptocurrency. A decisive movement in either direction may dictate Bitcoin’s near-term trend, making it a pivotal moment for investors.
Original Source: bitcoinist.com
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