- Bitcoin consolidates almost $ 93,300 support, with resistance to $ 101,641 and $ 106,272.
- On-chain statistics showed mixed signals, but NVT and NVM ratios suggest a strong network value.
The MVRV price tires indicate $ 93,300 as an important level of support, crucial for Bitcoin’s [BTC] Next move. At the time of the press, BTC is traded at $ 97,410.38, an increase of 0.01%.
If this level applies, Bitcoin can push higher, but a breakdown can cause further losses. Will BTC retain his bullish momentum, or is a deeper correction on the horizon?
Critical resistance and support levels
The price of Bitcoin is consolidated in a symmetrical triangle, a formation that often precedes an outbreak. The level of support is $ 95,702, while the key resistance levels amount to $ 101,641 and $ 106,272.
An outbreak above these levels can push BTC to $ 108,000 or higher. However, a breakdown under the rising trendline can cause a test of $ 93,300 or even lower.
Moreover, Bitcoin has formed a higher layer of pattern, which often indicates the growing bullish momentum. However, the volume remains a key factor for confirmation.
If the volume increases considerably, a strong outbreak could follow. Conversely, a weak volume may indicate further consolidation before a significant movement.
Source: TradingView
BTC address activity: Drawing of strength or weakness?
Data on chains show a decrease in new, active and zero balance addresses, with drops of -3.92%, -1.74%and -4.56%, respectively, last week.
This delay suggests a cooling phase in network activity. However, it does not necessarily indicate the bearish sentiment, because such decreases often precede strong price movements.
Moreover, Bitcoin’s historical price increases have often followed periods of reduced address growth, because accumulation takes place before the next wave of new users.
If new addresses begin to rise again, Bitcoin could see a new inflow of capital.
Source: Intotheblock
BTC transaction data: delay or set?
Transaction statistics reveal a mixed prospect, with large transfers (> $ 10 million) that fall -63.01%, while medium -sized transactions ($ 100k -$ 1 million) fell -43.36%fell.
Even smaller transactions below $ 1K saw considerable reductions, which further strengthens the fall in the activity.
However, lower whale chanties can suggest a stabilization phase before the next Grand Price Movement. Historically, such delays preceded a strong accumulation phase or a retracement in the short term.
Source: Intotheblock
NVT and NVM ratios: Are we overvalued?
The ratio of the network value and transactions (NVT) jumped +20.4%, indicating that the market capitalization of Bitcoin is increasing faster than the volume transferred.
This increase may indicate overvaluation, which suggests a possible correction if the trade volume does not increase.
However, it can also be a reflection of the growing trust of investors, which leads to a sustainable upward trend. In addition, the NVM ratio, which appreciates Bitcoin on the basis of network activity, increased +35.09%.
This statistics suggests that, despite the current price consolidation, the network value of Bitcoin remains strong.
Source: Cryptuquant
In conclusion, the technical structure of Bitcoin and on-chain statistics suggest that $ 93,300 remains a crucial level of support.
If BTC applies above this figure, the market can continue to experience further upside down, especially if buying pressure increases.
However, the falling address activity and transactions create cause, which means that a breakdown is still possible. That is why the next step from Bitcoin depends on volume and momentum.
If BTC breaks above $ 101,641, a bullish rally could follow.