Bitcoin has been facing significant volatility and selling pressure, struggling to reclaim the $100K mark. Despite the market's uncertainty, Bitcoin's resilience is evident as it holds above crucial price zones, which could determine the next big move.
Top analyst Axel Adler shared key insights that Bitcoin's most critical support level is $90.6K, based on the Short-Term Holder Realized Price metric. This level, alongside another at $97.2K, is crucial for Bitcoin's stability in the current consolidation phase. If Bitcoin holds these supports, a renewed rally could be on the horizon.
Conversely, losing these levels could lead to further downside pressure. Bitcoin is in a consolidation phase, with bulls and bears vying for control. If BTC remains above key support levels, a push toward new highs is possible. However, losing these zones could trigger more selling pressure, potentially dropping BTC to lower demand levels.
The market's direction hinges on BTC's ability to stay above significant support levels. For now, traders are watching closely as Bitcoin stands at a pivotal point in deciding its next move.
Fonte: www.newsbtc.com ↗