Summary:
Bitcoin faces volatility after attempting to break the $100,000 level.
Major players are holding strong, indicating confidence in Bitcoin's future.
On-chain data shows steady inflow from whales, with over 5,000 BTC daily.
Current price is $96,700, with bullish sentiment prevailing.
Maintaining support above $96,000 is crucial for a potential breakout.
Recent Volatility in Bitcoin
Bitcoin has experienced significant volatility recently, attempting to break the much-anticipated $100,000 level. After reaching a new all-time high of $99,800, BTC retraced slightly and is currently consolidating. Traders are assessing the market, hoping for a swift breakout into six-figure territory.
Strong Holding by Major Players
Top CryptoQuant analyst Axel Adler shared insights revealing that major holders and institutional investors are maintaining their positions. The lack of selling pressure indicates a strong belief in Bitcoin's potential for future gains, which could signal positive long-term price momentum despite ongoing short-term volatility.
Critical Weeks Ahead
The upcoming weeks are crucial for BTC as traders watch for signs of upward momentum. Bitcoin demand remains robust even after a pullback to the $90,000 level. Both institutional and retail investors continue to show strong interest in the cryptocurrency, eagerly anticipating the next move in this bullish cycle.
On-Chain Data Insights
According to Adler, on-chain data suggests that major players are not rushing to sell, with an average exchange inflow of over 5,000 BTC daily. This indicates that large holders are confident in Bitcoin's value and potential for further price increases.
Consolidation Before the Next Leg-Up
Currently trading at $96,700, Bitcoin has recovered from a recent dip. The market sentiment remains bullish, with expectations that if BTC can maintain support above the $96,000 level, it could successfully break the $100,000 resistance. Investors are closely monitoring this price range for cues on future movements.
If Bitcoin fails to hold above $96,000, it may face deeper retraces, possibly revisiting the $90,000 mark. Conversely, maintaining support could propel BTC toward new highs, setting the stage for its next major move.
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