Bitcoin continues to struggle with the psychological milestone of $100,000, failing to break through this critical resistance after retreating from all-time highs. This prolonged slump has fueled debate about a potential correction or deeper pullback as the market awaits confirmation of Bitcoin's next big move. Both analysts and investors are watching the situation closely and are eager to see if the digital currency will climb to new heights or succumb to selling pressure.
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Noted analyst Marton recently highlighted alarming activity on the chain, adding to these concerns. More than 8,000 bitcoins have moved around the chain between 5 and 7 years, raising questions about the long-term intentions of holders. Historically, such moves have often preceded market reversals, with increased selling pressure indicating potential weakness.
The activity of these seasoned wallets could reflect declining confidence or profit taking. Keep Bitcoin under $100K under pressure. As the bulls and bears continue to battle for dominance, this important measure underscores the growing uncertainty. As Bitcoin's trajectory hangs in the balance, market participants are bracing for clarity on whether this pivotal level will eventually turn into strong support or signal the start of a bearish correction.
The smart move of Bitcoin money
Since early December, Bitcoin has entered a long-term consolidation phase, struggling to make a clear move in either direction. Recent chain data shows that whale activity plays a key role in suppressing price hold. According to Marton, senior analystA familiar creature – the old Bitcoin whale – has resurfaced and made significant moves that could affect the market's direction.
Marton asserts that the move above 8,000 bitcoins echoes the pattern seen 10 days ago. At the time, the same whale was reported to have moved a total of over 72,000 bitcoins since the stabilization phase began. Often referred to as the “smart money,” this whale has been more active than ever, representing a strategic position rather than an impulse sell.
The consequences of this activity are profound. As long as this whale continues to unload Bitcoin, selling pressure could keep Bitcoin below key psychological levels and extend the current consolidation period for several more weeks. However, this phase of accumulation and redistribution can set the stage for a massive rally after activity declines.
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Analysts interpret this as a preparation period by seasoned market participants and suggest that when the dust settles, Bitcoin may experience a powerful bullish breakout.
Bitcoin above key demand level
Bitcoin is currently trading at $95,000, which has managed to stay above the $92,000 support level. Despite the bears maintaining control of the market in recent weeks, they have failed to break through the key demand areas of $92,000 and $90,000. These levels act as a strong base and prevent further declines and show the flexibility of buyers.
If Bitcoin continues to defend these critical levels, it could pave the way for a quick challenge to its all-time high (ATH). A hold above $92,000 will reinforce bullish sentiment and attract renewed interest from traders and institutional investors eyeing the psychological milestone of $100,000.
However, the path ahead is far from guaranteed. A failed attempt to recapture $100,000 could indicate buyer fatigue and potentially trigger a deeper correction. Such a scenario may cause Bitcoin to revisit lower support zones as market participants reevaluate their strategies.
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The coming weeks will be critical for Bitcoin's trajectory. Whether it climbs to new heights or faces a significant pullback depends on its ability to hold key levels and overcome the psychological hurdles that have kept it below $100,000. Investors are watching Bitcoin closely, anticipating the next decisive move.
Featured image from Dall-E, chart from TradingView
