bitcoin has entered a consolidation phase just below the $100,000 level, following an impressive rally that saw the price hit all-time highs almost every day for almost three weeks. While the market has calmed down recently, bitcoin's bullish momentum remains strong and many analysts believe the pause is merely temporary ahead of another bullish momentum.
Top analyst Axel Adler shared data revealing that this week saw a record in realized gains for btc, indicating that investors are locking in profits while maintaining confidence in btc's long-term potential. This is an important sign as it suggests that even as btc takes a breather, demand for the asset remains high and healthy.
With the price stabilizing below the $100,000 mark, many traders and analysts are waiting for the next key move. The coming weeks will be crucial in determining whether btc can overcome this psychological barrier and continue its upward trajectory. As the market digests recent gains, all eyes are on bitcoin to see if it can maintain its bullish structure or if a deeper correction is on the horizon.
bitcoin demand pushes the price
bitcoin has seen unprecedented demand in recent weeks, as the price made a historic move from $67,000 to $99,000 in less than 20 days. This surge represents one of the fastest price advances in bitcoin history, highlighting the strength of market optimism and growing institutional interest. Following this meteoric rise, btc finally retreated from its all-time high (ATH), but the pullback was short-lived. The price recovered quickly and has been consolidating just below the key $100,000 level, indicating that the bullish momentum remains intact.
<a target="_blank" href="https://x.com/AxelAdlerJr/status/1862768939287155074″ target=”_blank” rel=”noopener nofollow”>Axel Adler shared revealing data revealing that btc posted a record in realized gains this week, underscoring the strong health of the market. Realized gains occur when long-term holders lock in profits, indicating confidence in the asset's future potential.
In addition to this, bitcoin price has almost returned to the November 22 peak, showing the resilience of the current rally despite the brief pullback.
Current btc demand is absorbing all available sell-side supply, suggesting that eager buyers are outweighing sellers. This is a key indicator of a very bullish market as it shows that market participants are confident in bitcoin's long-term growth potential.
With strong fundamentals and sustained buying pressure, btc appears poised for continued growth, with the psychological $100,000 level now acting as a critical support point. If btc can maintain this consolidation, the next bullish leg could take the price to new all-time highs in the near future.
btc remains strong
bitcoin is currently trading at $96,500 after marking a new low of $90,700 and consolidating below the $100,000 mark. The price has managed to break above the $93,000 level, but is struggling to overcome the $97,000 resistance, creating some uncertainty among investors who were anticipating a faster move above $100,000. Despite this struggle, btc remains fundamentally strong and the price action continues to show resilience.
While the delay in breaking above the $100,000 level may cause some confusion and hesitation, it is important to note that consolidation phases are usually part of healthy market movements. Investors should be prepared for the possibility that btc will take some time before decisively surpassing $100,000. In case the price does not maintain the current levels, it may experience further consolidation or pull back to find liquidity around $85,000 where strong support could emerge.
Such a pullback would likely be seen as an opportunity for long-term holders as bitcoin's fundamentals remain intact. After finding support, btc could resume its upward trajectory towards the $100,000 level and potentially reach new all-time highs. As always, investors should closely monitor the market for signs of further price stabilization.
Featured image of Dall-E, TradingView chart
