The post Here’s Bitcoin’s next key level to watch after crashing below $100,000 appeared on BitcoinEthereumNews.com.

Following Bitcoin’s (BTC) flash crash below $100,000, new price levels are emerging that could potentially anchor the asset to reclaim its six-figure valuation. According to on-chain data analysis, the most significant support zone to monitor is at $96,870, where 1.45 million addresses collectively hold approximately 1.42 million BTC, as per data shared by a prominent cryptocurrency analyst, Ali Martinez.  This analysis identified this position as the ‘In the money’ zone, signifying that these holders are currently in profit. The high demand at this price level suggests strong buyer interest, which could prevent Bitcoin from falling further. Bitcoin In/Out of the Money Around Price chart. Source/IntoTheBlock/Ali_charts Additionally, Bitcoin is encountering smaller resistance above $100,000, where the maiden digital currency faces increased selling pressure.  If the $96,870 support holds, Bitcoin’s downward trend and upward momentum will likely reverse. Interestingly, the level identified by Martinez also sits just above the key $95,000 resistance.  If these levels are maintained, they are likely to help cement Bitcoin’s bull cycle, which historical data suggests could be sustainable in the coming year. Bitcoin’s price market top In this case, Martinez had earlier expressed fascination with Bitcoin’s price cycles, noting historical patterns that indicate a rhythm. In an X post, the analyst highlighted that in the last two cycles, it took 1,065 days for Bitcoin to climb from a market bottom to its peak and 1,430 days to complete a full cycle from one bottom to the next. If this pattern holds, the expert suggested that Bitcoin could reach its next market top in October 2025. To this end, it can be assumed that Bitcoin bull run is just beginning. Bitcoin cycles analysis chart. Source: TradingView Despite the asset’s volatility, some market players point out that Bitcoin will likely see continued growth in the next months.  As reported…

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Filed under: News - @ December 6, 2024 2:19 pm