Bitcoin’s price movement continues to draw the interest of both traders and investors, as key levels of support and resistance influence its direction.
There is increasing clarity on the potential path forward, as significant accumulation areas and technical indicators shed light on market sentiment.
Bitcoin’s Robust Demand Zone
Analyzed data from IntoTheBlock indicates a crucial demand zone for Bitcoin. The information reveals a zone between $94,800 and $97,700, where more than 1.3 million addresses are accumulating Bitcoin.
This group acts as a strong support level, with the current price of $97,860 falling within this specific range.
If Bitcoin drops below this zone, selling pressure might escalate, possibly triggering a bearish reversal. Conversely, breaking through the resistance at $98,279 to $100,080 is vital for sustained bullish momentum.
Stability Indicated by Technical Indicators Amid Volatility
Currently trading at $98,313, Bitcoin’s price reflects a steady ascent supported by the 50-day moving average at $85,939. Key Fibonacci retracement levels emphasize $94,876 as a crucial area of convergence, in line with the demand zone.
Furthermore, the RSI (14) is at 59.51, indicating a neutral momentum, while steady volume levels suggest active market engagement. Maintaining a position above $97,700 could pave the way for a push towards $100,000.
Accumulation Trends Beyond $100K Showcase Bitcoin’s Long-Term Potential
The broader market situation reveals that 482,000 addresses have obtained Bitcoin between the current price and $100,000, highlighting strong confidence in future growth.
Nevertheless, the $94,800-$97,700 range stands out as the crucial demand zone where both institutional and retail interest intersects.
These accumulation trends signal a bullish long-term outlook, contingent on Bitcoin maintaining its current momentum and surmounting the impending resistance levels.
Bitcoin finds itself at a critical juncture, with substantial support at $94,800-$97,700 providing a base for further advancement. Overcoming immediate resistance at $98,279-$100,080 presents a challenge, but a breakthrough could propel Bitcoin towards fresh highs.
With on-chain data and technical indicators in agreement, the upcoming move of Bitcoin will likely shape its trajectory in the ensuing weeks.