Bitcoin has been attempting to reach the $100,000 mark but has struggled to maintain it as a support level. Recent trends, however, hint that this might change soon. With a dip in selling activity and a shift in investor sentiment, Bitcoin's price action looks promising.
Short-term holders have a critical role, as the cryptocurrency trades about 7% above their cost basis of $88,135. This indicates growing confidence but risks reversal if prices don't stabilize above this point. Holding firm above this level could reinforce bullish sentiment.
Reduced realized profits suggest fewer sellers are exiting, allowing Bitcoin to regain momentum and target resistance levels. It trades near $94,422, just shy of the $95,668 resistance—breaking through could spark a run toward $100,000.
If resistance fails, Bitcoin might experience a pullback, testing support at $93,625, and potentially drop further to $92,005. Failing to hold could invalidate the bullish outlook, leaving the market uncertain.
Source: beincrypto.com ↗