Bitcoin has been navigating a period of massive volatility and uncertainty, leaving the market on edge as price action hints at a significant move on the horizon.
Bitcoin price pulled back from its all-time high (ATH) to test crucial demand levels around the $101,000 mark on Monday. Despite this correction, the world’s apex cryptocurrency continued to show resilience by maintaining support above key levels.
Meanwhile, recent data from Glassnode highlighted strong demand from retail investors at prices around $100,000. Specifically, investors in the Shrimp-Crab cohort, who hold up to 1 and 10 BTC, respectively, absorbed 1.9 times the newly mined Bitcoin supply in the past month. This amounts to a significant inflow of +25,600 BTC, indicating sustained buying activity from smaller investors who see long-term value in Bitcoin at these levels.
Bitcoin price pulled back from its ATH to test crucial demand levels on Monday. BTC price showed resilience by maintaining support above key levels.
However, BTC price faces the challenge of reclaiming key resistance levels to sustain momentum and pave the way for a broader rally. The immediate focus for bulls is to defend the $100K support zone, which has proven to be a crucial psychological and technical level. If BTC can maintain this foundation, the next target lies at $103,600, a key resistance that must be cleared to build momentum toward retesting the ATH of $109,900. Breaking above these levels would signal renewed strength and potentially attract fresh buying interest, driving the price higher.
On the other hand, failure to reclaim these levels in the coming days could lead to a bearish scenario. Losing the $100K mark would likely trigger increased selling pressure, pushing BTC into a deeper correction and testing lower support zones.
As the market remains uncertain, Bitcoin’s ability to hold and break key levels will be critical in determining its next direction. Investors are closely monitoring the price action, with the coming days expected to be pivotal for BTC’s short-term trajectory.
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