Bitcoin Finds Support At $94.5K As STH Realized Prize Signals Strength
Bitcoin has had a tumultuous week, swinging wildly both above and below the key $100,000 mark, but the price has struggled to close the day and stay above this psychological level. The lack of clear direction has divided investors, with some anticipating a breakout into uncharted territory and others bracing for a potential correction.
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CryptoQuant analyst Axel Adler shares key data revealing Bitcoin’s current dynamics. Adler said the nearest support level is $94,500, which represents the average purchase price of short-term holders (STH) who hold the token for a week to a month. The indicator highlights the level’s importance as a key threshold for maintaining market confidence.
As Bitcoin struggles to overcome the $100,000 resistance, the $94,500 support level will be crucial in shaping the next phase of price action. Successful holding of this level could reignite bullish momentum, while a breakout could trigger a deeper pullback.
As the market remains hesitantBitcoin’s movements will be closely watched by traders and investors in the coming days as they seek clarity in an uncertain environment. The race for $100,000 continues, and all eyes are on whether Bitcoin can finally make this level a solid base.
Bitcoin demand remains strong
Despite heavy selling pressure and volatile price action, Bitcoin demand remains strong, keeping the price above key demand areas. Investors appear to be holding their ground and preparing for Bitcoin’s next big move, contributing to a period of consolidation. The current sideways trend reflects the market’s indecision, but also highlights the resilience of Bitcoin’s price in the face of volatility.
Axel Adler is a well-known CryptoQuant analyst. Important insights recently shared According to Adler, the nearest support level is $94,500, which represents the average purchase price of short-term holders (STH) who hold Bitcoin for a week to a month. This level has become a critical threshold, providing strong demand and acting as a safety net during periods of downward pressure on Bitcoin.
Further analysis revealed that $80,800 was the average purchase price for the broader STH group. This level is critical as it represents a deeper liquidity area that could play a role in a more significant correction. These data points suggest that $94,500 and $80,800 will be critical to monitor in the coming days and weeks.
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As Bitcoin consolidates, the market anticipates whether these key support levels will hold or if demand will push Bitcoin into its next bullish phase. Risks are high and investors are watching these liquidity areas closely.
BTC fuel price below $100,000
Bitcoin has failed to sustain the key level above $100,000 over the past week and is currently trading at $98,000. Despite this, prices have remained resilient, with bulls finding motivation to push Bitcoin closer to recovering this psychological threshold. The market is closely watching Bitcoin’s consolidation, which suggests that Bitcoin is getting ready for its next big move.
Key resistance lies at $101,200, which analysts believe is key to triggering the next leg higher. If Bitcoin manages to regain and hold above this area, it could pave the way for a strong bullish surge that could push the price into uncharted territory. The move could attract new interest and capital, solidifying the current rally.
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However, downside risks remain concerning. If Bitcoin fails to break above $101,200 and loses support at $94,500, which analysts consider a key threshold, investors may see a correction phase unfold. This scenario could target deeper liquidity areas, such as $80,800, as potential support areas.
Bitcoin’s ability to hold its ground and recapture key levels will determine its direction in the coming days. Amid growing market expectations, traders keep a close eye on price action for signs of strength or weakness.
Featured image from Dall-E, chart from TradingView
