NEWSLETTER
The price of bitcoin (btc) suffered a significant loss on Friday as prices fell below $ 102,000 marking the end of a fairly turbulent negotiation week. As the global financial markets resisted the great losses, bitcoin did not make a new price discovery, launching more speculation about the upward market.
The critical price level arises at $ 98,000 for bitcoin
Despite a general positive performance in January, bitcoin has struggled to confirm the continuation of the bull career with its high historical price that increases by a single 0.6%.
As market investors continue to trust more pricing, the Blockchain Glassnode analysis analysis firm has highlighted a price level that could be essential for the current bitcoin upward configuration. In<a target="_blank" href="https://x.com/glassnode/status/1885349824146661607″ target=”_blank” rel=”noopener nofollow”> New post In x, Glassnode shares that market participants have negotiated a substantial btc volume between the price range of $ 94,000 – $ 101,000 in the last 45 days.
As a result of this development, there is currently a dense supply cluster that is formed around the price zone of $ 98,000, indicating that a significant number of investors is acquiring btc near this price area. Historically, high accumulation activity price areas are considered important, since they tend to serve as strong support in market recessions and act as resistance during price manifestations.
Therefore, if bitcoin is consolidated above $ 98,000 for a prolonged period, this price area could form a resistant floor, offering support for new demonstrations in the current upward structure. However, a fall below this price level could turn it into a strong resistance zone, since investors can try to sell to recover losses.
In terms of immediate price movement, if bitcoin bulls can be kept above $ 98,000 with sufficient purchase pressure, the asset could return to the $ 106,000 price region that currently represents a strong zone of psychological resistance. On the other hand, if the sellers dominate the demand at the price level of $ 98,000, bitcoin is subject to a greater decrease with a possible reestima to $ 92,000 at the table.
btc records almost $ 450 million in exchange
In other developments, the bitcoin market registered $ 442 million in exchange exits during last week. According to more <a target="_blank" href="https://x.com/intotheblock/status/1885418157377978859″ target=”_blank” rel=”noopener nofollow”>Intotheblock dataA net exit of $ 70 million was reached since the exchange tickets were $ 372 million.
In general, the higher exchange outputs than tickets are a bullish development that indicates that investors are less interested in selling and are transferring their assets to private wallets with expectation of a price gain. At the time of the publication, btc quotes at $ 102,269 after a 1.94% decrease in the last day. Meanwhile, the daily negotiation volume of the asset has decreased by 12.58% and was valued to $ 44.44 billion.
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