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Bitcoin

Bitcoin Bulls Build Up Safety Net – What Does This Mean For Price?

Scott Matherson
by Scott Matherson
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A key demand zone has formed just below Bitcoin’s current price due to significant buying interest in this particular zone. On-chain data from IntoTheBlock shows that 2.76 million addresses have accumulated 2.1 million BTC at this price, creating a strong support base. This interesting data comes amidst a serious compression of the Bitcoin price as it continues to trade within a range below $100,000.

Related Reading: Bybit Turns To Bitget And Binance For $239 Million ETH Loan Amid Withdrawal Spike

Bitcoin Bulls Build Up Demand Safety Net

Bitcoin has remained in a tight trading range below the $100,000 mark for the past seven days, with price action dominated by repeated attempts to break higher and bouts of selling pressure. The first half of last week saw a notable decline, with Bitcoin dipping briefly below $94,000 before finding support at $93,700. This level caused a little rebound of about 6% in the middle of the week, but it wasn’t enough to break above $100,000 as the rally got rejected again at around $99,300.

BTC is now trading at $95,869. Chart: TradingView

Data from on-chain analytics platform IntoTheBlock shows that amidst this back and forth, an interesting buying trend among Bitcoin bulls this week has led to the creation of a strong support base moving forward. The data shows that the $97,100 price level has become a key area of interest, with millions of BTC changing hands at this range. Particularly, the data shows that 2.76 million Bitcoin addresses acquired a total of 2.1 million BTC between $95,830 and $98,700, which means a significant buying interest at this level.

This insight was revealed through IntoTheBlock’s In/Out of the Money Around Price metric, which currently tracks the buying distribution of addresses that bought Bitcoin between $83,800 and $106,800. 

Image From X: IntoTheBlock

What Does This Mean For Bitcoin’s Price?

The significance of this new demand zone cannot be overstated, as it represents a substantial base of holders who may step in to defend the price in case of further downside moves. It also provides a better support zone for Bitcoin to finally go on a substantial break above $100,000.

Related Reading: Bitcoin Adoption Grows: Metaplanet Acquires 68 BTC For $6.6 Million

Notably, the ongoing power tussle between buying and selling pressures has seen this demand zone being tested again, with Bitcoin falling in the past 24 hours to now trading within this range. If it holds, Bitcoin could establish a higher low and maintain its bullish trajectory. On the other hand, a breach of this support could cause another retest of the $93,000 support level.

As crypto analyst Ali Martinez noted, the best approach to trading Bitcoin right now is to buy at $92,000 and sell at the $106,000 resistance zone. The analyst also pointed out waiting for a decisive move beyond the $92,000 to $106,000 zone before making aggressive market entries. 

At the time of writing, Bitcoin is trading at $96,570.

Featured image from Business Insider, chart from TradingView

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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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