- Resistance at $98,279-$100,080 remains key for Bitcoin heading towards $100,000.
- More wallets have been purchasing BTC around this price range.
Bitcoins [BTC] The price trajectory continues to capture the attention of traders and investors alike, with critical support and resistance levels shaping the next move.
The path forward is becoming clearer, with significant accumulation zones and technical indicators revealing market sentiment.
Bitcoin is showing a strong demand zone
Analysis of the in/out of the monetary data of InTheBlok indicates a critical demand zone. The data showed a demand zone between $94,800 and $97,700, with more than 1.3 million addresses collecting Bitcoin.
This cluster serves as a robust support level, with the current price of $97,860 hovering within this range.
Should Bitcoin fall below this zone, selling pressure could increase, potentially leading to a bearish reversal. On the other hand, resistance at $98,279 to $100,080 suggests that breaking above this level is essential for continued bullish momentum.
Technical indicators indicate stability amid volatility
Bitcoin’s price is currently trading at $98,313, reflecting a steady increase supported by the 50-day moving average of $85,939. Key retracement levels of Fibonacci indicators highlight $94,876 as a key confluence area, in line with the demand zone.
Source: TradingView
Furthermore, the RSI (14) is at 59.51, indicating neutral momentum, while consistent volume levels suggest active market participation. Should Bitcoin maintain its position above $97,700, a push towards $100,000 becomes increasingly likely.
Accumulation patterns above $100,000 demonstrate BTC’s long-term potential
The broader market picture shows that 482,000 addresses purchased Bitcoin between the current price and $100,000, underscoring strong confidence in further upside.
Source: TradingView
However, the $94,800-$97,700 range remains the critical demand area where institutional and retail interests have converged.
These accumulation patterns indicate a bullish long-term outlook, provided Bitcoin can maintain its current momentum and overcome the key resistance levels ahead.
Read Bitcoin (BTC) price prediction 2024-25
Bitcoin is at a pivotal point, with significant support at $94,800-$97,700, providing a foundation for further growth. While immediate resistance at $98,279-$100,080 poses a challenge, breaking through this level could propel BTC to new highs.
With on-chain data and technical indicators aligning, BTC’s next move will likely determine its trajectory over the coming weeks.
