Will Bitcoin’s price move to $97K or $64K? Cost basis distribution says…
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Strongest resistance for Bitcoin sits at $97,828, where 360,470 BTC were accumulated Bitcoin often bounces off the 50-week moving average, which now stands at $74,700 Bitcoin’s [BTC] cost basis distribution chart highlighted two critical levels – Strong resistance at $97,828 and significant support at $64,078. At the resistance level, about 360,470 BTC were accumulated, making it a major psychological and technical barrier. Historically, the price struggles to break past such high-density accumulation zones unless there is a surge in demand or a strong catalyst. A bull cycle or surge in ETF inflows can also be huge catalysts for the aforementioned break. Conversely, the $64,078 support level holds 194,530 BTC, indicating a substantial area where buyers have historically stepped in to prevent further declines. As per the price structure, Bitcoin rallied from $55,000 in September 2024 to peak above $108,000 in early 2025, showcasing strong momentum along the way. Source: X The heavy buying pressure in the $60,000 to just below $75,000 range suggested many investors acquired BTC in this bracket. The crypto’s latest retracement from highs near $100,000 brought BTC back towards the upper bands of this high-support zone. If Bitcoin fails to reclaim $97k, it risks further corrections towards $75k before retesting the $64k zone. A break below this level would confirm further downside potential, possibly dragging BTC to $55k. On the contrary, a strong breakout above $97k could trigger a renewed uptrend, targeting new highs above $108k. Where will BTC strike first? A further analysis revealed that Bitcoin’s historical trend often finds support at the 50-week moving average, which currently sits at $74.7k. In fact, in each cycle, BTC has previously tested the MA after a strong rally, before continuing its upward trajectory. For example – Bitcoin approached this moving average in 2015, 2019, and 2021, with each…
Filed under: News - @ March 1, 2025 1:19 pm