The post Bitcoin Faces Critical Decision Point as On-Chain Metrics Hint at Potential Breakout or Cooling-Off Period appeared on BitcoinEthereumNews.com.

Bitcoin is on the verge of a significant price movement, with recent data suggesting both bullish and bearish sentiments in the market. On-chain metrics indicate a struggle around the critical $100,000 resistance level, while strong support remains at $90,000. “The market is poised for a breakout or a correction,” said a recent analysis from COINOTAG, highlighting the uncertainty facing traders. Bitcoin’s price dynamics reveal crucial resistance and support levels. Will it break above $100K or retreat to $90K? Key insights within. Bitcoin MVRV bands indicate potential upside The MVRV (Market Value to Realized Value) Extreme Deviation Pricing Bands showed Bitcoin trading near the +1.0 band at press time, which historically signals strong price momentum. Source: Glassnode While BTC has briefly touched the upper deviation bands, a break above this zone could push the price towards new highs. However, BTC might see a short-term correction toward the mean pricing level if rejection occurs. Also, the current level means that BTC’s strongest support level for now is around the $93,000 price level. UTXO highlights key support zones The UTXO Realized Price Distribution (URPD) chart indicated that a significant volume of BTC transactions have occurred between $90,000 and $101,000. The concentration of transactions in these price zones suggests strong support, making BTC less likely to drop below $90,000 without substantial selling pressure. Source: Glassnode Conversely, the distribution also shows resistance forming above the $101,000 mark, meaning Bitcoin will need strong bullish momentum to break higher. BTC technical indicators signal cautious optimism From a technical standpoint, Bitcoin’s price action remains steady, trading slightly below the 50-day moving average of $98,801 as of this writing. The 200-day moving average was at $80,021, providing a strong long-term support base. Source: TradingView While the current price was facing resistance, the bullish structure remained intact, suggesting that Bitcoin…

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Filed under: News - @ February 17, 2025 2:13 am