Bitcoin has almost fought to shine recently on weekends, with his performance so far at the current rate is not much different. While this showed promising promising signs on Friday evening, it seems that the first cryptocurrency has returned to normal at the weekend.
Thanks to the jump in the late hours of Friday, the BTC price has returned to a small unification range ranging between 97,000 dollars and $ 98,000. Interestingly, the latest data on the series shows that bitcoin price is now trapped in a decisive segment.
Why investors are watching 96,365 dollars and $ 98,467
In a post on the X platform, prominent encryption analyst Ali Martinez subscriber An interesting look at the Bitcoin series and its future path. According to Martinez, the leading cryptocurrency is installed between two levels of the main prices that can determine its direction in the short term.
This analysis is based on the series on the average cost of many BTC investors. For context, cost -cost analysis assesses the level of work as support or resistance depending on the total amount of metal currencies purchased by investors in the region.
Source: Ali_charts/X
As observed in the above chart, the size of the point (green and red) is corresponding directly to the number of bitcoin gained within the price range. According to InTotheblock data, he bought about 1.97 million titles approximately 1.43 million BTC within the price range of $ 94,659 and $ 97,544 (at an average price of 96,365 dollars.)
This high purchase activity has created a major support pillow within this price area. The logic is that when the bitcoin price dates back to 96,365 dollars, investors who have the cost of cost at this level and around their location will defend their location by obtaining more coins, allowing the price to stay higher than the support area.
Meanwhile, the area of $ 97,650 and 99,470 dollars is filled with investors – about $ 1.16 million, which bought more than 1.16 million BTC. This price range can be a large barrier to supply, as investors may want to lose in unloading their assets quickly once bitcoin price reaches cost.
With the price setting between these two levels, the first cryptocurrency in a critical turn can decide its future within the next few weeks. Martinez noted that “the collapse in any of the two directions could determine the direction.”
Bitcoin price at a glance
As of the writing of these lines, the price of Bitcoin is about $ 97,700, which reflects any large movement within the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
