Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000
Bitcoin price has fallen below the psychological $100,000 level and currently remains in the $96,000 to $98,000 range. cryptocurrency analyst Ali Martinez Provides insight into why Bitcoin could hold up well within this range.
Why Bitcoin price is holding steady between $96,000 and $98,000
in a X postsAli Martinez pointed out that one of the most important support levels for Bitcoin price is between $98,830 and $95,830, where 1.09 wallets purchased more than 1.16 million BTC. This explains why Bitcoin is stable between $96,000 and $98,000 investor People buying between these levels continue to provide massive support to the flagship cryptocurrency.
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As Martinez suggested, it is important for these holders to continue to maintain stability, as a wave of selling could send Bitcoin prices down below $90,000. flagship cryptocurrency Dropped below $100,000 This follows recent speeches from Fed Jerome Powell, in which he hinted at a hawkish stance from the U.S. central bank.
This triggered a massive wave of selling, with the hawkish Federal Reserve painting a gloomy picture for risk assets like Bitcoin. However, despite the price break, the majority of Bitcoin holders are still in the black, which is a positive for the flagship cryptocurrency. IntoTheBlock data shows that 86% Bitcoin holders are in real value, 4% are in value, and 9% are in flat value.
These Bitcoin holders appear to remain bullish on the leading cryptocurrency as they continue to accumulate more Bitcoin. Ali Martinez said in an
Traders anticipate bullish reversal
Ali Martinez Indicating that cryptocurrency traders are expecting a bullish reversal in Bitcoin price from current levels. He revealed that Binance traders were short Bitcoin when it was trading at $108,000, with 62.17% of them having reached the top. Martinez said there has now been a shift in market sentiment, with 55.44% of traders now eager for a drop below $96,000.
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Meanwhile, it is crucial for Bitcoin price to hold on to $96,000, with Martinez warning that if BTC loses this support, its price could fall below $90,000. The analyst said that based on Fibonacci levels, if Bitcoin loses $96,000, the next focus will become US$90,000 and US$85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett said the $110,000 target remains the focus for Bitcoin prices.
According to statistics, as of this writing, Bitcoin price is around $97,000, down more than 3% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
