$23 Billion in Bitcoin Bought: Will $96,000 Support Hold?
Bitcoin has experienced a period of sideways price action over the past two weeks. Despite this, the leading cryptocurrency has experienced one of the largest rounds of accumulation in recent memory.
This $23 billion worth of accumulation has helped keep Bitcoin’s price above the key $96,000 level.
Bitcoin investors are optimistic
Cost Basis Distribution (CBD) provides important insights into: Bitcoin market Current mood. Data shows that $99,559 has become the largest accumulation area, with 125,000 Bitcoins bought, just below the $100,000 mark.
Meanwhile, the range between $96,000 and $98,000 has also seen significant accumulation, with 120,000 BTC added in the past two weeks. This suggests that the range between $96,000 and $100,000 has now consolidated as a key support area for Bitcoin, helping to keep the price above the $96,000 mark.
Even amid market volatility, Bitcoin has maintained support above this area, which is a sign of strong investor confidence. These price levels now become even more important as the largest accumulation zone is clustered around the $96,000 to $100,000 range.
Looking at broader market momentum, realized profits show investors remain positive Get involved with Bitcoin. Despite the buildup, the surge in realized profits suggests traders continue to book profits during the growth period. This highlights the ongoing volatility Within the market, profit-taking behavior may prevent Bitcoin from sustaining further upward momentum.
While these realized profit surges indicate healthy levels of market activity, they are also a reminder of the challenges Bitcoin faces in maintaining bullish momentum. Investors taking profits may cause short-term price corrections, but this behavior is part of normal market cycles.
BTC Price Prediction: Breakout
Bitcoin price After failing to break above the $100,000 mark, it is currently hovering near the $96,000 support. Massive accumulation in the $96,000 to $100,000 range has created a solid foundation that may prevent a sharp decline. If Bitcoin can hold within this range, it may attempt to break above $100,000 again.
However, Bitcoin may face resistance at $100,000 as it has struggled to find support above this level. If the price fails to surpass this key threshold, the cryptocurrency may continue to be stuck in sideways range, with potential price swings between $96,000 and $100,000.
if Bitcoin Management Recovering and holding above $100,000, it may resume the bullish trend. This could push Bitcoin towards the next key resistance level, potentially bringing Bitcoin closer to all-time highs. The continued accumulation of these price levels suggests that investor confidence remains strong, which may drive future price growth.
Disclaimer
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