NEWSLETTER
The bitcoin (btc) market took a positive turn in the last week that increased by 1.10% according to Coinmarketcap data. While there are still expectations of greater price correction, the effects of macroeconomic developments as seen with the recent statements of the president of the United States, Donald Trump, show more uncertainty about the future trajectory of the main cryptocurrency.
bitcoin Bulls faces a confrontation to a $ 98K resistance: can they break?
After an extended market correction, bitcoin registered spontaneous market profits in the last week reaching a local round peak of $ 95,000. Currently, the cryptographic asset quotes around $ 86,000 with little indication of its future movement.
According to Top Market analyst <a target="_blank" href="https://x.com/ali_charts/status/1898041702960476600″ target=”_blank” rel=”noopener nofollow”>Ali MartínezThe bitcoin price action is currently stuck between two key levels of accumulation based on its cost base distribution (CBD): the bitcoin holding allocation according to the price at which different investors acquired their btc. The CBD helps identify important levels of support and resistance when showing where significant amounts of bitcoin were bought or sold.
According to CBD data, Ali Martínez explains by obtaining more profits, bitcoin will face a key resistance to $ 98,081. This prediction is derived from investors that previously acquire 320,040 btc to this price region and it is likely to be sold after a price bounce to get out of the market with few or zero losses. However, if bitcoin Bulls can mount enough purchasing pressure to break this level of resistance, it paves the way for a return above $ 100,000 and perhaps a new historical maximum.
On the other hand, if btc resumes its correction tendency, Martínez emphasizes that the next significant support level based on accumulation data is $ 59,882 in which 220,150 btc have been previously accumulated.
If bitcoin decreases towards these support levels, a strong rebound is likely to experience, since long -term holders can acquire more btc to defend their positions. Interestingly, this analysis is aligned with other market ideas that suggest that btc is likely to experience greater correction. However, it is worth noting that any decisive rest below $ 59,882 would trigger a large amount of panic sale.
btc price perspective
At the time of writing this article, btc quotes at $ 85,995 after a decrease less than 1.98% on the last day. Meanwhile, its daily negotiation volume decreased by 6.38%, indicating a decrease in market interest. Amid Positive events such as the establishment of a strategic bitcoins reserve of the USA., The btc market remains in a fairly volatile state as indicated by the largest market reaction to the events last week.
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