The post Bitcoin Cost Basis Distribution Reveals Strong Demand At $97K – Can BTC Hold? appeared on BitcoinEthereumNews.com.

Bitcoin has had a whirlwind few days, hitting an all-time high (ATH) last Tuesday before tumbling into a sharp 15% correction. This period of heightened volatility has left investors divided, with some expecting a continued uptrend while others brace for more downside. The market is closely watching Bitcoin’s ability to reclaim its bullish momentum. Related Reading Top analyst Ali Martinez has highlighted critical data from the Bitcoin cost basis distribution, pointing to $97K as a crucial support level. Martinez stresses that holding this level is essential for BTC to maintain its uptrend and fend off deeper corrections. However, Bitcoin’s price action remains uncertain as it struggles to break through the psychological barrier at $100K. While many investors see the recent correction as a healthy reset after BTC’s meteoric rise, the failure to push higher could signal a more prolonged consolidation phase. With Bitcoin trading near pivotal levels, the coming days will be critical in determining whether it will resume its climb to new highs or face additional headwinds. Bitcoin Holding Above Key Demand Bitcoin is holding steady above a critical demand level around $97,000, offering a beacon of hope for bulls after recent volatility. This stability follows a brief test of lower demand at $92,000, which reinforced the market’s ability to absorb selling pressure. While the short-term recovery is encouraging, the price remains at a pivotal point that could determine its trajectory heading into the new year. Martinez recently shared insights from the Bitcoin cost basis distribution, emphasizing the importance of the $99,000–$97,000 range. His data highlights this zone as the most significant support threshold for Bitcoin, acting as a critical line in the sand for the current uptrend. However, Martinez warns of the potential downside risk if Bitcoin fails to hold this range: “We really don’t want this level…

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Filed under: News - @ December 22, 2024 8:04 am