Bitcoin Faces Critical Resistance at Key Levels
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Bitcoin‘s value is currently hitting significant resistance as it nears the on-chain average cost level for traders. Data from CryptoQuant indicates that the price range of $91,000 to $92,000 is a crucial threshold that could impede further price increases. This area, referred to as the “Trader’s Realized Price,” serves as a formidable resistance point, particularly when the market experiences strain. Can Bull Score Data Predict Bitcoin’s Shift?Why Is Bitcoin Stuck at the Trader’s Buying Level? Can Bull Score Data Predict Bitcoin’s Shift? CryptoQuant provides crucial insights through its Bull Score Index, which helps determine whether the market is in a bullish or bearish phase. Readings above 60 suggest optimism and a robust buying interest, whereas values below 40 indicate hesitation and market pressure. Presently, the Bull Score is below 60, casting doubt on Bitcoin’s chance for a price uptick. The low Bull Score continues to create uncertainty among traders. Even with potential price increases, the market structure remains wary. These insights imply that any price movements lack support, the trading volume is inadequate, and the upward trend is built on shaky grounds. The $91,000 to $92,000 range is seen as a technical barrier as well as a psychological benchmark. Why Is Bitcoin Stuck at the Trader’s Buying Level? The Trader Realized Price reflects the average cost at which Bitcoin has been traded on-chain. Traditionally, this level has acted as a support during bullish phases but becomes a significant resistance point during bearish markets. Current trends suggest that the market still displays bearish tendencies, finding it challenging to break through this price point. Historically, the cost level, marked by the pink line on the chart, indicates where Bitcoin has stalled in 2021 and 2022. This suggests that sellers often emerge at this price point, making the $91,000 to $92,000 zone both…
Filed under: News - @ April 22, 2025 2:25 pm