bitcoin has faced a few days of volatility after its recent attempt to break through the long-awaited $100,000 level. Despite the initial enthusiasm, btc retreated slightly and is now in a consolidation phase following its rise to a new all-time high of $99,800. While some investors expected a quick breakout into six-figure territory, the market appears to be catching its breath as traders assess the next move.
CryptoQuant lead analyst Axel Adler shared key data on x, revealing that major players and institutional investors remain strong. The lack of significant selling pressure indicates confidence in bitcoin's potential for further gains. This behavior among large holders could be a positive sign for long-term price momentum, even if short-term volatility persists.
The next few weeks are shaping up to be critical for btc. With expectations of higher prices still intact, traders and investors are closely monitoring btc's ability to hold firm and regain bullish momentum.
As btc navigates this pivotal moment, market participants are looking for signs to determine whether the leading cryptocurrency can finally surpass the psychological level of $100,000 and set new benchmarks in its ongoing bull cycle.
bitcoin demand remains strong
Demand for bitcoin remains strong even after its recent pullback to the $90,000 level, as institutional and retail interest in the leading cryptocurrency continues to remain strong. Analysts and investors are closely monitoring bitcoin's consolidation below the critical $100,000 mark, waiting for signs of the next move in this ongoing bullish cycle.
<a target="_blank" href="https://x.com/AxelAdlerJr/status/1862417269030092872″ target=”_blank” rel=”noopener nofollow”>CryptoQuant Analyst Axel Adler Shared Some Crucial On-Chain Data That paints a promising picture of bitcoin's future. Key indicators reveal that major players are not rushing to sell their stakes. The whales' average currency inflow (SMA-30D) has remained stable at just over 5,000 btc daily. This suggests that large holders are not abandoning their positions, but rather holding on to their coins in anticipation of further price appreciation.
This pattern supports the view that whales and long-term investors view btc as a valuable asset with considerable potential for future gains. The lack of significant selling pressure indicates that these major players are confident in bitcoin's continued growth and are not getting carried away by short-term volatility.
As btc continues to consolidate, the next few months will be crucial for both btc and the broader crypto market. With mainstream investors holding firm and demand remaining strong, bitcoin's potential to surpass the $100,000 mark remains intact. The coming months are likely to bring interesting developments as bitcoin's upward momentum will soon resume, driving both investor sentiment and market growth to new heights.
Consolidation before the next step
bitcoin is currently trading at $96,700, recovering from a recent pullback that saw its price fall from an all-time high of $99,800 to a low of $90,700. After several days of consolidation, btc appears poised for a potential push above the $100,000 mark. Market sentiment remains bullish with many investors anticipating further gains if the price can maintain the bullish momentum.
However, the next few days are crucial for bitcoin price action. If btc fails to hold above the $96,000 level, there is a risk of a deeper pullback. A break below this level could trigger further consolidation or even a pullback to areas of lower demand, possibly testing the $90,000 mark again.
On the other hand, holding support above the $96,000 level would increase the probability of btc successfully surpassing the $100,000 resistance. Investors are closely monitoring this price range as it will likely determine whether btc can continue its rally to new highs or face further short-term price corrections. The next few days could set the stage for bitcoin's next big move.
Featured image of Dall-E, TradingView chart
