The main demand zone has been formed slightly lower than the current Bitcoin price due to the great purchase interest in this particular region. The data on the InTotheblock series shows that 2.76 million titles have accumulated 2.1 million BTC at this price, and create a A strong support base. This interesting data comes Amid serious pressure From the price of bitcoin, where it continues to trade in less than $ 100,000.
Bitcoin Bulls Building Inquiry Network
Bitcoin has been in a narrow trading scope of less than $ 100,000 during the past seven days, as the price dominates the price on repeated attempts to break the high pressure pressure. The first half of last week witnessed a remarkable decrease, as Bitcoin decreased for a short period of less than $ 94,000 before the support was found at 93,700 dollars. This is a little bit Recovery about 6 % In the middle of the week, it was not enough to break more than $ 100,000, as the gathering was rejected by about $ 99,300.
Data from the Instheblock series analysis platform This shows medium This is back and forth, an interesting purchase trend between Bitcoin Bulls this week created a strong support base to move forward. Data shows that the 97,100 dollar level has become a major area of interest, as millions of BTC change in this range. In particular, the data shows that 2.76 million Bitcoin addresses got a total of 2.1 million BTC between 95,830 dollars and $ 98,700, which means a great interest in buying this level.
This insight was revealed through the intrude's intrude's' intrusion around the price scale, which is currently tracking the purchase distribution of the addresses that bitcoin bought between $ 83,800 and 106,800 dollars.
Image From X: IntoTheBlock
What does this mean for bitcoin?
The importance of this new demand area Cannot be exaggeratedSince it represents a large base of their holders who may intervene to defend the price if there are more negative moves. It also provides a better support zone for Bitcoin to finally go at a large break exceeding $ 100,000.
It is worth noting that the ongoing conflict of power Between buying and selling pressure This demand zone test has witnessed again, with Bitcoin declining over the past 24 hours to circulate now within this range. If it is steadfast, Bitcoin can create a lower low and keep its bullish path. On the other hand, the breach of this support can re -test another support level of $ 93,000.
As an encrypted analyst Ali Notice Martinez, The best way to trade bitcoin at the present time is to buy at $ 92,000 and sell in the resistance area of $ 106,000. The analyst also pointed out that a decisive transition to between 92,000 dollars to 106,000 dollars before conducting aggressive market entries.
At the time of this report, Bitcoin is traded at $ 96,570.
Distinctive image from Business Insider, TradingView graph
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