$96K Support and $98K Resistance #CriptoNews

Bitcoin has been facing significant challenges in recent weeks, particularly over weekends where its price action has lacked momentum. Despite a promising bullish move on Friday evening, Bitcoin (BTC) seems to have slipped back into its familiar weekend doldrums, failing to break away from its ongoing consolidation phase. As of now, Bitcoin is trading between $97,000 and $98,000, with its price wedged between two crucial levels that could determine its short-term trajectory.

Prominent crypto analyst Ali Martinez recently shared insights based on on-chain data, revealing that Bitcoin is currently trapped within a key price range. According to Martinez’s analysis, Bitcoin is stuck between the $96,365 support level and the $98,467 resistance level. These levels are important because they represent areas where large volumes of Bitcoin have been bought in recent trading activity.

The $96,365 level is of particular significance. This price point has been established as a key support cushion due to the high number of Bitcoin purchases in that range. Data from IntoTheBlock indicates that approximately 1.97 million addresses acquired around 1.43 million BTC between $94,659 and $97,544, with the average price being $96,365. As a result, many investors who purchased Bitcoin at these levels are likely to defend their positions. Should the price drop to this area, those investors could step in and buy more coins, providing support and potentially preventing further price declines.

On the other hand, the $97,650 to $99,470 price range could act as a significant resistance zone. This region is populated by about 1.16 million addresses that bought over 1.16 million BTC. These investors are likely to be under pressure if the price climbs toward this range, and many may attempt to sell off their holdings to minimize losses. This selling activity could create a resistance barrier that Bitcoin will struggle to break through in the near term.

The space between these two price levels – $96,365 and $98,467 – has left Bitcoin in a critical position. With Bitcoin trading around $97,700 at the time of writing, the market is waiting for a breakout in either direction. A move above $98,467 could signal a bullish trend and provide a foundation for a new upward rally, while a drop below $96,365 could lead to further bearish pressure, possibly sending the price lower.

The on-chain analysis highlights that Bitcoin’s price action could remain subdued until a decisive break occurs. The result of this consolidation will likely set the tone for Bitcoin’s next big move. Investors are closely watching this range, as any shift above or below these levels could signal the beginning of a more sustained trend, either bullish or bearish.

At the moment, Bitcoin’s price is teetering between support and resistance, leaving the market uncertain about its next direction. A breakout in either direction would provide clarity on the market’s future trend, and traders will continue to monitor the situation closely for any signs of a significant price shift.

In conclusion, Bitcoin is at a critical juncture, and the key price levels of $96,365 and $98,467 will likely determine whether the cryptocurrency continues to consolidate or breaks into a new trend. Investors and traders alike are waiting for a clear signal on whether Bitcoin will maintain its current range or break out, which could pave the way for the next major move in the market.

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