Bitcoin recently retraced 9% from its all-time high, missing the $100K mark, but has since rebounded to $90,700, showcasing its resilience and maintaining a bullish outlook. On-chain insights by Axel Adler reveal strong demand for Bitcoin at current levels, indicating investors see pullbacks as opportunities to accumulate, hoping for further growth.
Despite market volatility, Bitcoin's long-term bullish structure remains intact. Adler mentions solid support at lower levels that could come into play if the recovery stalls. The near-term outlook centers on Bitcoin's ability to reclaim momentum and potentially break through the elusive $100K barrier, with robust demand aligning market conditions for a breakout.
The article emphasizes significant support zones among key investor groups, particularly at $96.8K and $95.3K, reflecting continued buyer interest. Even in bearish scenarios, Bitcoin is supported around $84K, likely stabilizing before an upward trajectory. Analysts and investors maintain a bullish stance, considering the cycle to still be in its early phase.
Currently trading at $95,200, Bitcoin stands at a crucial threshold to potentially reach $100K. A breakout above $98,800 could propel BTC into six-figure territory, while failing to stay above $90K may trigger a correction with support at $85,500. As momentum builds, the next days are pivotal in shaping Bitcoin's trajectory and market sentiment.
