Top analyst Ali Martinez has highlighted critical data from the Bitcoin cost basis distribution, pointing to $97K as a crucial support level.
Bitcoin price analysis for last Tuesday shows a sharp 15% correction after hitting an all-time high (ATH).
As Bitcoin trades around crucial levels, the upcoming days will be pivotal in determining whether the coin will continue its climb to new highs or encounter further obstacles.
Bitcoin price opened last Tuesday at $97,063, displaying resilience after rebounding from local lows of $92,000. This bounce highlights the market’s strong demand at lower levels, reinforcing the bullish narrative for now. The price structure remains intact above $97,000, indicating that BTC is well-positioned to stage another rally toward its ATH.
However, the 100K psychological barrier looms large as the next major hurdle for bulls. This level has proven difficult to overcome, with previous attempts falling short. A successful breakout above 100K in the coming days would likely reignite bullish momentum and set the stage for Bitcoin to reach new ATHs, restoring confidence.
On the flip side, failure to breach this critical resistance could trigger a less favorable scenario. If Bitcoin struggles to gain traction above 100K, market sentiment may waver, leading to increased selling pressure. In such a case, BTC could face another downturn, testing key support levels once again.
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