Bitcoin (BTC) Shatters $96K Resistance, Aligning with Long-Term Power Law Model

This milestone opens the path for potential price discovery toward $120K. At press time, Bitcoin was trading at $98,633.53, up 0.50% in the last 24 hours.

Bitcoin [BTC] recently breached the critical $96K resistance, aligning with predictions from the Long-Term Power Law model. This milestone opens the path for potential price discovery toward $120K.

At press time, Bitcoin was trading at $98,633.53, up 0.50% in the last 24 hours. However, holding above $96K remains essential, as losing this level could spark localized selling. Will Bitcoin’s breakout ignite a broader bull run?

Bitcoin Price Analysis (15 minutes)

Bitcoin’s breakout from $96K was accompanied by a 0.50% gain in the last 24 hours, bringing BTC to $98,633.53. This bullish move followed a brief consolidation period.

Relative Strength Index (RSI) showed strong buying activity at press time, with an RSI value of 79, but also approaching the overbought territory.

Fibonacci retracement levels also played a crucial role, indicating that Bitcoin was trading securely above the critical 0.786 retracement zone at $85K, reinforcing its upward trajectory.

The next major Fibonacci extension at $120K could be within reach if $96K remains a firm support. However, the risk of a retracement remains.

A drop below $96K could undermine the rally and prompt consolidation or corrections toward lower levels.

Bitcoin’s buying pressure remained evident, with Taker Buy/Sell Ratio climbing to 1.03, indicating a consistent trend of buyers outpacing sellers.

This buying activity was observed across all major exchanges, further supporting the surge above $96K.

Binance, OKX, and Bybit saw robust activity, reflecting growing demand from institutional and retail investors, respectively.

As buying pressure continued to build, BTC’s bullish momentum was further supported by a 0.29% decrease in exchange reserves, now at 2.509M BTC.

This buying interest and withdrawal of large quantities of BTC from exchanges signaled long-term investor confidence and reduced immediate selling pressure.

Lower exchange reserves often led to tighter supply, which can amplify upward price movements.

Furthermore, Active Addresses rose by 1% to reach 10.703K in the last 24 hours, indicating increased user activity on the Bitcoin network.

At the same time, transaction counts rose by 0.79% to hit 540K, reflecting heightened utility within the network over the last 24 hours.

This combination of robust buying interest and healthy network activity appeared to bolster Bitcoin’s bullish narrative.