Bitcoin is currently Holding just above The level of $ 108,000 and the bulls maintain the momentum After a volatile start at July. However, a more in -depth examination of the data on the chain shows how fragile this position could be.
Interestingly, two levels of support, $ 106,738 and $ 98,566, are now the most important areas So that the bulls defend themselves. These levels represent clusters of addresses containing large amounts of Bitcoin, and losing them could trigger a deeper correction.
Bitcoin’s CLUSTERS FUND APPORTULS $ 106,000 and $ 98,000
Take on the social media platform X, analyst Crypto Ali Martinez pointed Two major support levels based on data showing Bitcoin purchase clusters. These data are based on Sentora (previously intothebloc) in / out of money around the price metric among the addresses that Bought Bitcoin Close at the current price.
As the metric shows, the most important purchasing areas are $ 106,738 and $ 98,566. These two areas are the place where a massive purchase activity has occurred in recent weeks, and they could act as support in the event of a Bitcoin price accident.
The first area, between $ 104,982 and $ 108,190, contains 1.68 million addresses with a total volume of 1.28 million BTC at an average price of $ 106,738. Below the first area, a larger group of 1.71 million addresses has a higher volume of 1.25 million BTC in the price range of $ 95,248 to $ 98,566, with an average price of $ 98,566.
As long as Bitcoin continues to negotiate above these levels, the current rally could continue to push. However, if these demand pockets are broken with sufficient sales pressure, the main cryptocurrency could enter an uncertain price area with little purchase interest to provide support.
Speaking of pressure, data on the chain show a Slowdown in sales pressure Among the major holders. According to data from The Sentora chain analysis platform, Bitcoin recorded its fifth consecutive week of net outings of centralized exchanges. Last week experienced that more than $ 920 million in BTC moved to self-care or institutional products, mainly FNB Bitcoin.
Bitcoin must break the weekly resistance for new heights
Even with solid demand zones below, the Bitcoin path to new heights is not yet confirmed. Analyst Rekt Capital weighed with his analysis, noting that Bitcoin is currently faced with a solid strip of weekly resistance just under $ 109,000. In particular, Bitcoin risks a high lower structure on the weekly graphic of the candlestary period.
Rekt Capital noted that a The weekly closure above the red horizontal resistance line should be obtained so that Bitcoin can recover a more optimistic position. This resistance, which is currently about $ 108,890, acts like a ceiling for the rally on the rise in Bitcoin.
As such, Bitcoin would need Weekly Above $ 108,890 to position yourself for new heights of all time. Unless there is a convincing rupture of this level, the action of bitcoin prices could be erratic and sensitive to a retraction at $ 106,000.
At the time of writing this document, Bitcoin is negotiated at $ 108,160.
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