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Bitcoin recently saw a 9% bounce from its all-time high of $99,800, narrowly missing the psychological level of $100,000. The pullback sent Bitcoin falling to a low of $90,700 on Tuesday, sparking concern among some investors.
However, the price has since recovered, showing resilience as it rose back towards key resistance levels. Despite the volatility, Bitcoin’s long-term bullish structure remains intact, with market sentiment leaning toward optimism.
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Senior analyst Axel Adler provided key on-chain insights suggesting that strong demand for Bitcoin continues at current levels.
According to Adler, this buying activity indicates that investors view pullbacks as opportunities to accumulate, underscoring confidence in Bitcoin’s potential for further growth. However, it also highlighted strong support at lower price levels, which could occur if the current recovery fails to continue.
The next few days will be crucial as Bitcoin tests its ability to regain momentum and possibly break the $100,000 barrier. With demand remaining strong and market conditions aligned for a potential breakout, all eyes are on whether BTC is able to maintain its upward trajectory or whether further consolidation is on the horizon. The stage is set for a decisive move in Bitcoin price action.
Bitcoin data reveals entry prices for investors
Bitcoin continues to show very bullish price action, driven by increasing demand from institutional and retail investors. Key on-chain data from CryptoQuant analyst Axel Adler highlights important price dynamics shaping the current market.
According to Adler, Bitcoin price is currently consolidating within the average buying range of two main groups of investors: 1D ($96.8K) and 1D-1W ($95.3K). These levels act as crucial support areas, reflecting strong buyers’ interest in current prices.
Additionally, the average buy level in the 1W-1M range, at $84K, provides an additional layer of support in the event of a broader market pullback. This suggests that even in the most bearish scenario, Bitcoin is likely to find stability around $84,000 before resuming its upward trajectory.
The data reinforces the widely held bullish outlook for Bitcoin among analysts and investors, many of whom believe the current cycle is still in its early stages. Strong demand and strong support levels indicate that Bitcoin is well positioned to maintain its bullish momentum in the coming weeks.
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Whether Bitcoin stabilizes above its current levels or faces a temporary decline, the consensus remains optimistic about further gains, as this cycle will likely mark a historic rally for the cryptocurrency.
BTC is approaching $100,000
Bitcoin is currently trading at $95,200, a pivotal level that could determine its next major move. This price point acts as a crucial threshold, and if Bitcoin continues above it, the stage will be set for a potential test of the highly anticipated $100,000 level.
Before reaching this psychological milestone, the next important supply area is located at $98,800. A break above this level would likely trigger a massive breakout, pushing BTC beyond its all-time high and into six-figure territory for the first time.
However, the risks are still high. Bitcoin may face a deeper correction if it fails to maintain its position above the $90,000 level. In such a scenario, the next strong support is at $85,500, which is a critical level that must be maintained to maintain Bitcoin’s bullish structure.
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Market participants are watching these key levels closely, as Bitcoin’s path will impact broader market sentiment. With strong demand and momentum, the coming days will be pivotal in determining whether Bitcoin will surpass $100,000 or consolidate further before resuming its upward march. Since the market remains very dynamic, traders and investors are preparing for big moves in the future.
Featured image by Dall-E, chart from TradingView
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