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Bitcoin New Whales Entry Price Reveals Key Support Level – Analyst

Bitcoin New Whales Entry Price Reveals Key Support Level – Analyst

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

Bitcoin has experienced a 4% price increase since yesterday, a modest but significant growth that highlights strong demand at the $92,000 level. This movement confirms the resilience of BTC at key support zones and indicates that market sentiment remains positive despite recent fluctuations. The price action reflects investor confidence as BTC continues to build momentum after bouncing from its recent lows.

Related Reading: BTC On-Chain Support May Lie At $80K – Analyst Shares Key Metrics

CryptoQuant analyst Axel Adler recently shared on-chain metrics that shed light on the current demand macro levels for BTC. According to his analysis, the $92,000 mark stands as a crucial level of support, with demand intensifying at this price point.

However, Adler also pointed out the importance of the $80,000 level, which is another significant price level to watch in the current market cycle. As BTC trades between these key levels, it remains vital for bulls to sustain upward momentum to avoid further corrections.

With the $92,000 zone holding firm, Bitcoin is poised for a potential rally if it can maintain support above this level and push higher. However, market participants will keenly watch the $80,000 level as a potential area of risk, as a drop below it could shift the overall market sentiment.

Bitcoin Demand Revealed 

Bitcoin has recently experienced a pullback from its all-time high (ATH), leaving investors questioning where the relevant support levels lie. After hitting new peaks, the correction has sparked discussions about where the next strong levels of demand might be and how the market will respond to these shifts.

CryptoQuant analyst Axel Adler shared valuable on-chain data revealing that the average purchase price for new Bitcoin whales is $81.2K, while older whales have an average purchase price of $30.1K. This data offers insight into the accumulation patterns of large investors, highlighting their positions as critical indicators for Bitcoin’s price action.

Bitcoin realized price New Whales STH vs Old Whales LTH
Bitcoin realized price New Whales STH vs Old Whales LTH | Source: Axel Adler on X

Currently, Bitcoin’s first support level is identified at $90K, a price point that has been holding firm. The second support level is at $80K, which represents a more significant zone for potential demand if the price continues to decline. If Bitcoin can maintain the $90K level in the coming weeks, it will likely pave the way for a massive rally. Holding above this support would not only confirm the strength of the bullish trend but could also signal an upward push for the entire crypto market.

Related Reading: Bitcoin SoV Thesis Gains Traction – Metrics Reveal $1.03 Trillion Now Held On The Network

However, for bulls to gain confirmation and start a new leg of growth, breaking above $100K is the key threshold. A sustained move past this level would solidify confidence in the market and potentially set the stage for Bitcoin to continue its upward trajectory, attracting both retail and institutional investors.

BTC Testing Supply 

Bitcoin has shown resilience, holding strong at the $92K mark, and is now testing supply levels in the $96K-$97K range. This move suggests that BTC is positioning itself for a potential push toward the $100K mark, but it must first reclaim these crucial levels. The price action is seeking confirmation of bullish momentum, with the $100K level acting as a key psychological barrier.

BTC pushing to higher supply
BTC pushing to higher supply | Source: BTCUSDT chart on TradingView

However, if Bitcoin fails to break and hold above these levels, it could trigger a period of sideways consolidation below $100K. Such a failed attempt might result in a return to a more fearful environment in the market, where bearish sentiment could take over. This could lead to further uncertainty, keeping Bitcoin trapped in a tight range as traders await clearer direction.

Related Reading: Are Bitcoin Holders Waking Up? Exchange Deposits Crash To Lowest Levels Since 2016

In either scenario, the $100K level is the key price to watch. Whether Bitcoin can push past this level or faces rejection will likely determine the market’s next move. A successful break above $100K would signal a continuation of the bullish trend, while failure to reclaim it may result in more consolidation or a correction. Investors and traders alike will be closely monitoring this level for insights into Bitcoin’s near-term direction.

Featured image from Dall-E, chart from TradingView 

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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