CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-12-22 07:30:45

Bitcoin Cost Basis Distribution Reveals Strong Demand At $97K – Can BTC Hold?

Bitcoin has had a whirlwind few days, hitting an all-time high (ATH) last Tuesday before tumbling into a sharp 15% correction. This period of heightened volatility has left investors divided, with some expecting a continued uptrend while others brace for more downside. The market is closely watching Bitcoin’s ability to reclaim its bullish momentum. Related Reading: XRP Whales Loading Up – Data Reveals Buying Activity Top analyst Ali Martinez has highlighted critical data from the Bitcoin cost basis distribution, pointing to $97K as a crucial support level. Martinez stresses that holding this level is essential for BTC to maintain its uptrend and fend off deeper corrections. However, Bitcoin’s price action remains uncertain as it struggles to break through the psychological barrier at $100K. While many investors see the recent correction as a healthy reset after BTC’s meteoric rise, the failure to push higher could signal a more prolonged consolidation phase. With Bitcoin trading near pivotal levels, the coming days will be critical in determining whether it will resume its climb to new highs or face additional headwinds. Bitcoin Holding Above Key Demand Bitcoin is holding steady above a critical demand level around $97,000, offering a beacon of hope for bulls after recent volatility. This stability follows a brief test of lower demand at $92,000, which reinforced the market’s ability to absorb selling pressure. While the short-term recovery is encouraging, the price remains at a pivotal point that could determine its trajectory heading into the new year. Martinez recently shared insights from the Bitcoin cost basis distribution, emphasizing the importance of the $99,000–$97,000 range. His data highlights this zone as the most significant support threshold for Bitcoin, acting as a critical line in the sand for the current uptrend. However, Martinez warns of the potential downside risk if Bitcoin fails to hold this range: “We really don’t want this level to become resistance.” As Bitcoin consolidates near these key levels, sentiment across the market remains indecisive. Bulls are eager to see BTC reclaim momentum and push toward all-time highs, but the psychological resistance around $100,000 continues to loom large. Meanwhile, bears argue that the recent pullback could be a sign of an impending larger correction. Related Reading: On-Chain Metrics Reveal Cardano Whales Are ‘Buying The Dip’ – Details The coming days will be crucial as the year draws to a close. With market participants looking for clarity, Bitcoin must hold this critical support zone or risk losing its bullish structure. Whether the next major move is up or down will depend heavily on how BTC reacts within this price range. BTC Testing Liquidity Bitcoin is trading at $97,000, showing 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 $100,000 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 $100,000 in the coming days would likely reignite bullish momentum and set the stage for Bitcoin to reach new ATHs, restoring confidence among investors and traders. Related Reading: BTC Realized Losses Spike 3 Times The Weekly Average – Healthy Correction Or Downturn? On the flip side, failure to breach this critical resistance could trigger a less favorable scenario. If Bitcoin struggles to gain traction above $100,000, market sentiment may waver, leading to increased selling pressure. In such a case, BTC could face another downturn, testing key support levels once again. Featured image from Dall-E, chart from TradingView

阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约