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bitcoin is currently trading at $97,600, following a sharp drop from its all-time high and a modest recovery from the critical support level of $92,000. This recent price movement highlights the current market volatility as investors deal with changes in sentiment and technical levels. Despite the rally, bitcoin now faces a major challenge in maintaining its bullish momentum.
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Analyst Ali Martinez shared compelling data revealing that bitcoin encounters a massive resistance zone between $97,500 and $99,800. This “brick wall” is reinforced by the activity of 924,000 wallets, which together purchased more than 1.19 million btc in this range. Such strong on-chain resistance could hamper btc's ability to reclaim the psychological $100,000 level in the near term.
This critical area will likely determine bitcoin's next move. Successfully clearing this zone could pave the way for another rally, while failure to do so could lead to further selling pressure and a retest of lower support levels. As the market watches this crucial phase unfold, all eyes remain on key technical and on-chain signals to assess whether bitcoin's recovery is sustainable or if a larger correction is on the horizon.
bitcoin remains strong
bitcoin has seen intense price swings in recent days, with a 15% correction followed by a quick 6% rebound in less than three days. This rapid movement highlights the serious volatility affecting the market, with bitcoin reflecting the broader uncertainty. Despite the turbulence, there is growing optimism among analysts regarding bitcoin's prospects, as its recovery from yesterday's aggressive selling pressure took only a few hours.
<a target="_blank" href="https://x.com/ali_charts/status/1870267059919069395″ target=”_blank” rel=”nofollow”>Martínez shared key insights about xshedding light on a major resistance zone that bitcoin must overcome to regain momentum. According to Martínez, bitcoin faces a “brick wall” between $97,500 and $99,800.
This range is reinforced by 924,000 wallets that collectively purchased over 1.19 million btc within these levels. This major on-chain resistance group could act as a barrier to bitcoin's upward trajectory.
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If bitcoin manages to break through this critical resistance zone, it could open the door to new all-time highs. However, failing to break above this range may lead to increased selling pressure and further consolidation below the $100,000 mark. For now, bitcoin remains resilient and holding firm amid market volatility, and many analysts are cautiously optimistic about its potential for another rally.
Technical analysis
bitcoin is currently trading at $98,200, showing a strong recovery from the $92,000 mark, which has proven to be a significant demand level. This reaction from $92,000 indicates strength in bitcoin price action, signaling the potential for bullish momentum in the coming weeks.
If btc manages to break through the critical $100,000 level in the coming days, it could trigger a massive rally, which could push the price to new all-time highs. This psychological and technical milestone is expected to trigger a wave of buying pressure as investors and traders anticipate the next leg of the rally.
However, the market remains uncertain and the possibility of bitcoin entering a sideways consolidation phase cannot be ruled out. In this scenario, btc could remain range-bound between its all-time highs. and local lows, reflecting a period of accumulation as the market recalibrates after recent volatility.
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For now, the $92,000 mark has provided a solid foundation for bitcoin, and all eyes are on the $100,000 level as the next major test. Whether btc breaks out or consolidates, its current resistance suggests that bitcoin remains primed for significant moves in the near term.
Featured image of Dall-E, TradingView chart
