The post This Is What Awaits Bitcoin (BTC USD) Should It Stay Above $97K appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) price is at extremely important support levels that will determine its short term direction. But this level stands out (this is a market key point) where more than 101,000 BTC are accumulated, is more than just a number. Source: X Key Support at $97,877: The Foundation of Bullish Momentum Bitcoin’s (BTC) recent price action has converged around the $97,877 price level. This zone is also underscored by a heatmap of supply distribution that highlights the importance of this location, with the greatest concentration of buyer interest. This range has collected over 101,000 BTC, making it one of the strongest support zones on the chart. With such a mass quantity of Bitcoin (BTC USD) being held here, it shows the amount of trust and value long term holders and traders place at this price level. This accumulation has dual implications. First of all, it serves as a psychological anchor to market participants. – Advertisement – Buyers consider this area a chance to re enter or to add more lots if prices reach this zone. Secondly, it becomes the safety net of Bitcoin’s long term uptrend. A holding above this level would be considered resilient while a break would likely lead to cascading sell offs as confidence fades. Such supply accumulation visual review lets us see Bitcoin’s market in an entirely new way. A battleground of market forces is what the heatmap illustrates, $97,877 is not an arbitrary number. This is reflected in the heatmap and the market is clearly hungry for Bitcoin at these levels. Active market participation is indicated at the tipping point of supply concentration near $97,877 as volume also jumps. This zone often provides resistance on the way up where the heightened activity is often a precursor to continuing the trend or a sharp reversal if…

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Filed under: News - @ January 27, 2025 1:02 am