The post Bitcoin consolidates at $93.3K – Where will BTC head next? appeared on BitcoinEthereumNews.com.

Bitcoin is consolidating near $93,300 support, with resistance at $101,641 and $106,272. On-chain metrics showed mixed signals, but NVT and NVM ratios suggesting strong network value. The MVRV Pricing Bands indicate $93,300 as a key support level, crucial for Bitcoin’s [BTC] next move. At press time, BTC is trading at $97,410.38, up 0.01%.  If this level holds, Bitcoin could push higher, but a breakdown might trigger further losses. Will BTC maintain its bullish momentum, or is a deeper correction on the horizon? Critical resistance and support levels Bitcoin’s price has been consolidating inside a symmetrical triangle, a formation that often precedes a breakout. The support level stands at $95,702, while key resistance levels are at $101,641 and $106,272. A breakout above these levels could push BTC toward $108,000 or higher. However, a breakdown below the ascending trendline might trigger a test of $93,300 or even lower. Additionally, Bitcoin has been forming a higher low pattern, which often signals growing bullish momentum. However, volume remains a key factor for confirmation. If volume increases significantly, a strong breakout could follow. Conversely, weak volume might indicate further consolidation before any significant move. Source: TradingView BTC address activity: Signs of strength or weakness? On-chain data shows a decline in new, active, and zero-balance addresses, with drops of -3.92%, -1.74%, and -4.56%, respectively, over the past week. This slowdown suggests a cooling-off phase in network activity. However, it does not necessarily indicate bearish sentiment, as such declines often precede strong price movements. Moreover, Bitcoin’s historical price surges have often followed periods of reduced address growth, as accumulation occurs before the next wave of new users. If new addresses start increasing again, Bitcoin could see a fresh inflow of capital. Source: IntoTheBlock BTC transaction data: Slowing down or setting up? Transaction statistics reveal a mixed outlook,…

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Filed under: News - @ February 16, 2025 10:10 am