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Bitcoin (BTC) has held above the $88,000 level over the past few days, showing resilience as the broader market anticipates its next move. Price action remains strong, leaving investors frustrated waiting for prices to drop, as BTC shows no signs of providing an easy entry point anytime soon.
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Key data from CryptoQuant reveals that long-term holders (LTHs) are currently in an active distribution phase, indicating increased selling activity from this group. Despite this, the market absorbed the additional supply without a significant impact on prices, highlighting the strong demand supporting Bitcoin at these levels.
As Bitcoin consolidates below its all-time highs, traders and analysts are closely watching whether the current momentum will lead to a breakout or if a bounce is on the horizon. The balance between rising demand and LTH distribution will likely determine BTC’s near-term trajectory.
Could Bitcoin set a new ATH this week?
Bitcoin is on the verge of breaking its all-time high (ATH) again this week, falling just 2% below the $93,483 level set last Wednesday. Excitement is building as analysts and investors closely monitor BTC’s price movement, predicting whether it will cross this critical level or enter a long consolidation phase.
While bullish momentum remains strong, the potential for a sideways move could keep the price range limited for an extended period before the next significant move.
Data from CryptoQuant analyst, Axel Adler, highlights that long-term holders (LTHs) are currently in an active distribution phase.. Despite this, the increased supply has not significantly impacted Bitcoin’s price, thanks to strong demand that continues to absorb selling pressures. This dynamic reflects strong market interest supporting BTC near its record highs.
Adler’s analysis also points to the binary indicator of LTH spending, which indicates peak spending activity among LTHs. At the same time, the increasing supply of LTH indicates that a part of long-term holders remain confident in the price potential of BTC in the future. These factors create a unique environment where high demand offsets distribution, keeping the upward momentum intact.
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As Bitcoin approaches ATH, market participants are waiting for confirmation on whether the price will move into uncharted territory or pause for consolidation. The outcome is likely to set the tone for Bitcoin’s trajectory in the coming weeks, as investors bet on continued upside in this resilient rally.
BTC Price Action: Key Levels to Hold
Bitcoin is trading at $91,820, after several days of sideways consolidation just below its all-time high (ATH). Despite the pause, Bitcoin has maintained its position above the $87,000 support level since the recent breakout, indicating its importance as a crucial line that the bulls must defend. Holding this level is vital to maintain bullish momentum and pave the way for Bitcoin to push into uncharted territory.
However, a drop below $87,000 could change market sentiment, which would likely lead to a correction as BTC searches for new demand. The next logical support area is around the $80,000 level, with a deeper pullback likely if selling pressure intensifies. Such a trace would provide an opportunity for marginal buyers but could temporarily halt BTC’s rise.
Bitcoin price action remains strong, supported by demand that continues to outpace supply. This strong market interest has mitigated the impact of profit taking and selling activity, keeping the broader uptrend intact.
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With BTC consolidating near ATH, traders are closely monitoring key levels to determine if the next move will be a breakout to new highs or a pullback to test lower support areas. Either outcome is likely to shape Bitcoin’s trajectory in the coming weeks.
Featured image by Dall-E, chart from TradingView