BTC maintains above $90,000 - on-chain data reveals key demand level
BTC recently fell 9% from its all-time high of $99,800, still far from the psychological level of $100,000. On Tuesday, BTC price dropped to a low of $90,700, causing concerns among some investors.
However, the price subsequently rebounded and showed resilience in rising to the key resistance level. Despite the high volatility, BTC's long-term bullish structure remains intact, and market sentiment is optimistic.
Top analyst Axel Adler provides key on-chain insights indicating strong demand for Bitcoin remains at current levels. Adler suggests that this buying activity indicates investors view pullbacks as opportunities to accumulate, highlighting their confidence in further potential rise of Bitcoin. However, he also emphasizes the solid support at lower price levels, which may come into play if the current recovery fails to sustain.
The next few days will be crucial for BTC to test its recovery momentum and potentially break the $100,000 mark. With strong demand and the possibility of market conditions breaking through, everyone is following whether BTC can maintain its rising trajectory or if it will further consolidate. BTCPA will see a decisive movement.
Driven by the increasing demand from institutional investors and retail investors, BTC continues to show extremely bullish price action. Key on-chain data provided by analyst Axel Adler highlights the key price movements affecting the current market.
According to Adler, the price of BTC is currently consolidating within the average buying range of two main investor groups: 1D (968,000 US dollars) and 1D-1W (953,000 US dollars). These levels are key support areas reflecting strong buyer interest at the current price.
In addition, the average purchase level within the 1W-1M range is $84,000, providing additional support in the event of a broader market pullback. This suggests that even in a more pessimistic scenario, Bitcoin may find stability around $84,000 and then resume its upward trajectory.
These data reinforce analysts' and investors' generally bullish expectations for Bitcoin, with many believing that the current cycle is still in its early stages. Strong demand and strong support levels suggest that BTC is likely to maintain its bullish momentum in the coming weeks.
Whether BTC is maintained at the current level or experiences a temporary decline, the market is generally optimistic about further pump, and this cycle may mark a historic rise of the Crypto Asset.
The current trading price of BTC is $95,200, which could determine its next major trend. This price point is a crucial threshold, and if BTC can maintain above this level, it may test the highly anticipated $100,000 level.
Before reaching this psychological milestone, the next important supply area is at $98,800. Breaking through this level may trigger a massive breakthrough, propelling BTC to surpass its all-time high and enter the six-figure territory for the first time.
However, the risk remains high. If BTC fails to maintain its position above $90,000, it may face a deeper adjustment. In this case, the next strong support level is $85,500, which is a key level that needs to be maintained to sustain the bullish structure of BTC.
Market participants closely follow these key levels because the trend of Bitcoin will affect the broader market sentiment. Due to strong demand and momentum, the next few days will be crucial in determining whether BTC will break through $100,000 or consolidate further before resuming the Bull Market. As the market remains highly active, traders and investors are preparing for significant moves in the future.
(Data source: Sebastian Villafuerte)
