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Bitcoin

Bitcoin Bull Market Holding: BTC’s Strength Above This Key Level Keeps Rally Hopes Alive

Godspower Owie
by Godspower Owie
2 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

With a recent pullback from the $110,000 mark, which Bitcoin retested last Wednesday, the flagship asset has witnessed a persistent decline to the $104,000 support level. BTC’s sharp decline appears to have triggered bearish sentiment across the sector, but the broader market sentiment is still bullish.

BTC Bullish Market Outlook Still Intact

Bitcoin has revisited the $104,000 price level as bearish pressure mounts within the crypto market. However, despite recent growing volatility, BTC is still trading above a critical price level that characterises negative danger from bullish momentum.

Related Reading: Bitcoin Short-Term Holders Supply Dynamics Shift As Net Position Change Turns Negative

Specifically, this key level is considered as short-term holders’ realized price, which is currently located in the $98,300 range. This crucial level, which is widely monitored by short-term traders, has historically supported sustained upward trends and indicated market strength despite broader macro uncertainty.

According to Alphractal, an advanced on-chain data and investment platform, the $98,300 is “the last level keeping investors in profit,” as BTC’s waning price action extends. As long as the flagship asset stays above the critical short-term holders’ realized price, the on-chain platform is confident that the BTC bull market is not over yet.

Bitcoin
BTC holding above STH realized price | Source: Alphractal on X

Such a claim suggests that Bitcoin is still stable, exhibiting minimal volatility, and still has more room to grow. Nonetheless, the only way the situation can be altered is if Bitcoin’s price aggressively drops below the $98,000 mark, which may lead to a more significant decline in the short term.

Thus far, Alphractal noted that it would be wise to place a stop loss slightly below $98,000. Since BTC’s position above this level hints at a sustained bull market, it implies that investors do not see the current decline as the start of a downturn, but rather as a healthy consolidation phase.

Selling Pressure From Bitcoin Short-Term Holders Is Diminishing

This sentiment is also reflected in the Bitcoin Buy/Sell Pressure Delta, a key metric that determines whether buying or selling activity is currently dominating the market. After examining the metric, Alphractal has highlighted a positive development among short-term investors.

Related Reading: Bitcoin Short-Term Holders Stay Calm As It Climbs To $120K: Selling Pressure Drops

In the report shared on X, the on-chain platform revealed that selling pressure on BTC from short-term holders has risen to an oversold region. Alphractal claims that the trend is typically a sign of a pause in the ongoing decline in BTC’s price, while the oversold condition offers a new buying opportunity for traders anticipating a possible rebound from present price levels.

To put it differently, this notable shift in behavior implies that the current surge of panic selling and profit-taking carried out by these investors is wearing itself out. With selling pressure dying down among short-term Bitcoin holders, it could indicate a potential impending rebound, with key levels like the STH Realized Price holding strong against bearish attempts.

Bitcoin
BTC trading at $104,838 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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