Bitcoin Nears Crucial Price Zone, Potential Breakout Toward $100,000
- Bitcoin nears critical $92,600-$93,600 resistance zone, with potential breakout toward $100,000.
- Whale’s long position of $91.55 million has already gained $10.29 million, signaling strong market interest.
- Support levels lie at $87,000-$86,000 if resistance fails, offering possible buying opportunities.
Bitcoin is close to an important level of resistance, causing all investors to eagerly observe whether there will be a breakout or reversal. Analysts have noticed that the moves around current market levels could potentially dictate future price actions. At the same time, there has been large-scale profit-taking by a whale in the market.
At the time of writing, Bitcoin (BTC) is trading around $91,278, with a 24-hour trading volume of $64.09 billion and a market capitalization of $1.83 trillion. The BTC has seen a modest 0.14% decrease over the past 24 hours, showing cautious optimism among market participants.
Bitcoin Eyes Critical $93,000 Zone
Popular crypto analysts, CryptoPulse, recently highlighted the current situation in the price of BTC, asking whether it was the appropriate moment to go long.
In the analyst’s opinion, Bitcoin was about to reach a crucial zone related to supply at $92,600-$93,600, which could serve as an obstacle. “This zone might cause a retreat; therefore, we are carefully monitoring the situation,” said CryptoPulse.
In case Bitcoin receives no support at this level, the next support level could potentially be around $87,000-$86,000, where there could be buying opportunities.
But in case BTC receives support above $93,600 and stays above it, the next important target level could potentially go all the way up to $99,000-$100,000. The highlight, as said by the analyst, lies in the breakout level.
Bitcoin Long Generates Massive Profit
Another analyst, Ted, revealed that a whale has placed an enormous long position in Bitcoin worth $91.55 million, triggered at $91,437 with the liquidation price at $59,113. Amazingly, in only two months, the long position has already accumulated $10.29 million in profits.
At the moment, with Bitcoin so close to these pivotal points, the markets are again in the waiting phase, watching and waiting to see whether BTC will go further up or return to its support levels.
Also Read | Bitcoin Recovery Signals: Binance Sees Record $7.5 Billion Whale Deposits
Bitcoin Holds Key Support Zone
The RSI stands at 39.64, indicating weak momentum with sluggish entries from buyers. The price is moving downwards with the MA Ribbon, symbolized by the 20-week MA at 110,642, 50-week MA at 102,411, and 100-week MA at 83,725, suggesting further bear dominance. BTC at $91,211 makes the market nervous as it moves further into support zones.
The MACD further confirms the slowdown with the MACD line at -1,892 and the signal line at 1,941, hence confirming the bearish crossover. Momentum was further depicted to be in the negative with the histogram at -3,833, hence showing dominance by the sellers in the market. It can therefore not get out of the low period.
Also Read | Bitcoin Price Analysis: BTC Reclaims $91K as Price Targets $97,967 Next
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