Bitcoin Price’s Path to $100,000 Clears as Selling Hits 3-Month Low
Despite multiple attempts, Bitcoin has struggled to secure the $100,000 support level over the past six weeks. However, recent market trends suggest that may soon change.
The significant decline in sales activity, coupled with changes in investor sentiment, provides a promising environment for cryptocurrency price action.
Bitcoin investors are fed up with the sell-off
Bitcoin’s short-term on-chain cost basis reveals significant changes in market conditions. Currently, Bitcoin is trading approximately 7% above its short-term holder (STH) cost basis of $88,135. This premium indicates growing confidence among new investors. However, failure to stabilize above this level could mean weakening sentiment, which often precedes a broader market correction.
ability Bitcoin maintains Its current level above STH’s cost base is critical. If the price falls below this threshold, it could signal hesitancy from short-term holders. On the contrary, staying above this level may boost confidence and strengthen the market’s bullish sentiment.
Macro momentum indicators further highlight Bitcoin’s recovery potential. Realized profits have fallen to a three-month low, suggesting selling pressure has eased. This decrease in activity suggests investors are choosing to hold on rather than exit, signaling that bearish sentiment is waning.
The decline in realized profits provides Bitcoin vs. A chance to regain motivation. With fewer sellers in the market, buying pressure is likely to take priority, paving the way for a sustained recovery. This shift will give Bitcoin the breathing room it needs to target key resistance levels.
BTC Price Prediction: Breaking Through Barriers
Bitcoin currently It is trading at $94,422, just below the $95,668 resistance. This hurdle is the last hurdle before the cryptocurrency heads towards the $100,000 mark. A break above this resistance level could spark new bullish momentum, bringing Bitcoin closer to achieving this psychological milestone.
Current factors support a strong bullish case for Bitcoin. A move above $95,668 would clear the way for continued gains. If the momentum holds, Bitcoin could surpass $100,000, setting a new benchmark for its price trajectory.
However, failure to move above $95,668 could lead to a pullback. Bitcoin possible Testing the support at $93,625, if this level falls, the price may fall further to $92,005. Such a decline would invalidate the bullish outlook and delay recovery efforts, leaving the market in a state of uncertainty.
Disclaimer
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