Bitcoin continues to consolidate between $94,000 and $100,000. Market participants show strong holding behavior. On-chain data suggests an imminent major price move.
Market Consolidation Phase
Bitcoin trades sideways at $95,600. The price has remained range-bound for twelve days. This tight consolidation creates a spring-like effect. The longer BTC stays in this range, the more explosive the eventual breakout could be.
On-Chain Signals Show Strength
CryptoQuant data reveals a significant drop in potential sellers. Fewer investors want to sell at a loss. This indicates strong conviction among holders. Historical patterns suggest such behavior precedes major price movements.
Technical Analysis
The $95,000 level acts as crucial support. Bulls need to reclaim $98,000 for upward momentum. A break above $100,000 could trigger a rally to new highs. However, losing $94,000 might lead to a pullback toward $91,000.
Market Implications
Supply continues to tighten. Demand shows resilience at current levels. These factors create favorable conditions for upward price movement. Yet, the market needs a catalyst to break the current range.
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The next few days remain crucial. Traders should watch the $94,000-$100,000 range closely. A breakout could set the tone for Bitcoin’s next major trend.
Tags: Bitcoin, Price Analysis, Market Trends, Technical Analysis, Cryptocurrency
Source: Bitcoinist