Bitcoin’s recent price action has been pretty exciting. After a bit of a slump, it looks like the bull market might be back on track, potentially even pushing Bitcoin above the crucial $100,000 mark. But it’s not going to be easy.
Bitcoin Stuck in a Price Range?
New data suggests Bitcoin’s price is currently stuck in a tough spot. This price range could be key to its movement in the coming weeks.
Analyst’s Insight: The $100K Hurdle
Crypto analyst Checkmate pointed out that Bitcoin’s price is battling its way through the $93,000 to $100,000 range. This is based on a “supply distribution heatmap.” This heatmap shows where most Bitcoin was bought at different prices. Areas with lots of Bitcoin bought at a specific price act as resistance levels – people tend to sell when the price reaches their purchase price to break even.
The heatmap shows a big wall of Bitcoin in the $93,000-$100,000 range. This means a lot of potential selling pressure as investors try to recoup their losses. However, the good news is that above $100,000, there’s significantly less Bitcoin held, meaning less resistance. Checkmate even suggests “blue skies” lie beyond $100,000.
The Bottom Line
Breaking through $100,000 could launch Bitcoin on a serious upward trajectory. Failure to do so, however, could mean another period of sideways movement.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $96,680, with only minor changes in the last 24 hours. It’s up over 2% for the week.
