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bitcoin has faced a volatile week, with sharp moves above and below the pivotal $100,000 mark, but the price is still struggling to close and stay above this psychological level. The lack of clear direction has divided investors, with some anticipating a breakout into uncharted territory while others are bracing for a possible correction.
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CryptoQuant analyst Axel Adler shared key data that sheds light on bitcoin's current dynamics. According to Adler, the closest support level is $94,500, which represents the average purchase price for short-term holders (STH) who hold coins for a week to a month. This metric underscores the importance of this level as a critical threshold for maintaining market confidence.
As bitcoin struggles with resistance at $100,000, support at $94,500 will be crucial in shaping the next phase of price action. A successful defense of this level could reignite bullish momentum, while a breakout could trigger a deeper pullback.
With the broader market still undecided, bitcoin's movements in the coming days will be closely watched by traders and investors seeking clarity in an uncertain environment. The battle for $100,000 continues, and all eyes are on whether bitcoin will finally be able to reclaim this level as solid ground.
bitcoin demand remains strong
Despite significant selling pressure and choppy price action, demand for bitcoin remains strong, keeping the price above crucial demand zones. Investors appear to be holding firm, contributing to a period of consolidation as they prepare for bitcoin's next big move. The current sideways trend reflects market indecision, but underlines bitcoin price resilience in the face of volatility.
Axel Adler, a leading analyst at CryptoQuant, <a target="_blank" href="https://x.com/AxelAdlerJr/status/1866749862227890480″ target=”_blank” rel=”nofollow”>recently shared critical ideas on bitcoin support levels at This level has become a key threshold, providing strong demand and acting as a safety net for btc during periods of downward pressure.
Further analysis reveals that $80,800 marks the average purchase price for the broader STH cohort. This level is critical as it represents a deeper liquidity zone that could come into play in a more significant correction. These data points suggest that it will be critical to monitor $94.5K and $80.8K in the coming days and weeks.
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As bitcoin consolidates, the market anticipates whether these key support levels will hold or if demand will drive btc into its next bullish phase. The stakes are high and investors are closely monitoring these liquidity zones.
btc finds fuel below $100,000
bitcoin is trading at $98,000 after failing to sustain a break above the critical $100,000 level over the past week. Despite this, the price remains resilient, and the bulls find momentum to bring btc closer to reclaiming this psychological threshold. The market is closely watching bitcoin consolidate, signaling preparation for its next significant move.
Key resistance lies at $101,200, which analysts consider critical to triggering the next leg higher. If bitcoin manages to recover and stay above this zone, it could pave the way for a strong bullish surge, taking the price into uncharted territory. Such a move would likely attract renewed interest and capital, solidifying the current rally.
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However, the risk of falling remains a concern. If bitcoin fails to break above $101,200 and loses the $94,500 support level (identified as a critical threshold by analysts), investors could see a correction phase unfold. This scenario would likely point to deeper liquidity zones, such as $80,800, as possible support areas.
bitcoin's ability to hold firm and reclaim key levels will determine its direction in the coming days. Traders are closely monitoring price action for signs of strength or weakness amid growing market anticipation.
Featured image of Dall-E, TradingView chart
