Bitcoin (BTC) Key Support Level Identified At $97,190 As Martinez Notes Strong Bullish Sentiment

Bitcoin is now retesting the psychological $100,000 price level again after a 2.22% decline in the past 24 hours.

Bitcoin price encountered a strong resistance zone around $100,000 once again on November 8. However, key support and bullish market sentiment could help BTC maintain its bullish momentum.

Bitcoin price recently experienced a 2.22% decline over the past 24 hours, continuing to trade within a narrow range as it retests the psychological $100,000 price level again.

After bouncing off an order block at $99,200 in the past 24 hours, Bitcoin encountered another round of selling pressure at $100,000. This comes as the world’s largest crypto asset faces difficulties maintaining higher levels amid sharp price swings.

However, analysis by crypto analyst Ali Martinez has pointed to $97,190 as a critical support level that Bitcoin must stay above to maintain its bullish trajectory. This insight is crucial as the market sentiment has been tested by these price swings, but optimism remains strong.

Bitcoin’s Key Support Level Identified At $97,190

As noted by Martinez, one of the most critical support levels for Bitcoin is at $97,190, and holding above it is essential to maintaining the bull market. This insight is backed by data from on-chain analytics platform IntoTheBlock.

In particular, the data is revealed through the In/Out Of Money Around Price metric from IntoTheBlock, which tracks the number of addresses making or losing money at the current price of a crypto asset.

In the case of Bitcoin, around 73% of addresses that bought Bitcoin at the current trading range are in profit. A significant portion of these, approximately 1.45 million addresses, bought Bitcoin between $95,727 and $98,719 at an average price of $97,190. These addresses collectively hold about 1.36 million BTC around this level, making it one of the most densely concentrated areas of holdings in the current cycle.

Therefore, Bitcoin must maintain its position above $97,190 to preserve its bullish momentum and keep sentiment positive among traders. A break below this level could push many of these holders toward break-even, increasing the likelihood of panic selling. This could, in turn, trigger further downside pressure and create a cascading effect on the Bitcoin price.

Binance Futures Data Shows Strong Bullish Sentiment

Despite concerns surrounding Bitcoin’s ability to maintain its support, the market sentiment among traders is largely optimistic. Notably, open positions on Binance, the world’s largest crypto exchange, show that a significant majority of traders continue to bet on further upside.

According to data from Coinglass, 60.94% of traders on Binance, the largest crypto exchange, with open Bitcoin futures positions are betting on the upside.

Further reinforcing the bullish outlook, Martinez also pointed to a buy signal from the TD Sequential indicator, which has appeared on Bitcoin’s four-hour chart. This technical tool has been instrumental in identifying trend reversals throughout this cycle, often preceding notable price recoveries.

Related Reading: Bitcoin Price In Trouble? Bearish Divergence That Led To Market Crash Last Cycle Returns

If the pattern holds true again, Bitcoin could experience renewed buying pressure in the coming days, potentially setting the stage for a retest of the $106,000 level.

At the time of writing, Bitcoin is trading at $99,403, down by 2.35% in the past 24 hours.