The Bitcoin Prize has almost struggled to shine recently on weekends, with its performance so far in the current one that is not much different. While it showed Promising Haussearted signs On Friday night, the Cryptocurrency premiere seems to have returned to his Dour weekend.
Thanks to the jump during the late hours on Friday, the price of BTC moved back to a mini consolidation area between $ 97,000 and $ 98,000. Interestingly, the latest information on the chain shows that the Bitcoin Prize is now captured within a crucial console.
Why investors look up for $ 96 365 and $ 98 467
In a post on the X platform, prominent crypto analyst Ali Martinez shared An interesting insight into the chain in the Bitcoin Prize and its future track. According to Martinez, the flagship Cryptocurrency is between two important price levels that can determine its trend in the short term.
This analysis on the chain is based on the average cost base for several BTC investors. For context, the cost basis analysis evaluates a level capacity to serve as support or resistance depending on the total amount of coins that were last purchased by investors in the region.
Source: Ali_charts/X
As observed in the diagram above, the size of the dot (green and red) represents and directly corresponds to the number of bitcoins acquired within a price range. According to data from Intotheblock, approximately 1.97 million addresses bought approximately 1.43 million BTC within the price range $ 94,659 and $ 97,544 (at an average price of $ 96 365.)
This high purchase activity has led to the formation of one Key support pillow within this price region. The reasoning is that when the Bitcoin price returns to $ 96 365, investors with their cost base in and around this level will probably defend their position by acquiring more coins, which means that the price can stay over the support area.
At the same time, the region is $ 97,650 and $ 99,470 also filled with investors – about 1.16 million addresses that bought over 1.16 million BTC. This price range can serve as a significant supply barrier, as investors in loss may want to quickly download their assets when the Bitcoin price reaches its cost basis.
With prices set between these two levels, Premiere Cryptocurrency Seems to be at a critical time that can determine its future in the coming weeks. Martinez noted that “a breakout in either direction could set the trend.”
Bitcoin price
From this writing, Price on bitcoin is about $ 97,700, which reflects any significant movement over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
