Bitcoin (BTC) is pushing to regain its six-figure valuation following a interval the place it risked falling beneath $90,000 help zone. Nevertheless, on-chain knowledge suggests a brand new document excessive could possibly be on the horizon amid the current volatility.
Particularly, knowledge signifies that Bitcoin is presently hovering close to a important worth vary between $97,500 and $99,800, the place over 924,000 addresses beforehand bought greater than 1.19 million BTC.
To this finish, distinguished on-chain cryptocurrency analyst Ali Martinez recognized this zone as a ‘brick wall’ because of the magnitude of Bitcoin gathered at these ranges, he stated in an X submit on December 21.
“Bitcoin faces a brick wall between $97,500 and $99,800. <…> If BTC can handle to interrupt above this stage, we might see new all-time highs quickly,” Santana famous.
A breakdown of the information exhibits that wallets holding roughly 583,460 BTC are presently worthwhile, representing 18.77% of the market. However, 2.52 million BTC, or 81.09%, is held at larger ranges, awaiting worth restoration, whereas a minimal 4,400 BTC is sitting at breakeven.
Typically, a break above the $97,500-$99,800 vary would sign robust bullish momentum and presumably set off ‘Concern of Lacking Out’ (FOMO) from buyers on the sidelines.
This projection comes after Bitcoin briefly dipped to $92,000 earlier than rebounding because the cryptocurrency market skilled sustained volatility. Notably, these situations have been triggered by the Federal Reserve, which signaled the opportunity of fewer rate of interest cuts in 2025.
Certainly, this state of affairs noticed the market document vital outflows that additionally impacted spot exchange-traded funds (ETF). To this finish, on December 19, Bitcoin ETFs recorded a $680 million outflow, the most important of their historical past.
What subsequent for Bitcoin?
Following the current worth motion, cryptocurrency buying and selling professional Alan Santana pressured in a TradingView submit on December 21 that the current drop isn’t trigger for concern.
Santana acknowledged that the drop to $92,000 must be thought-about a wholesome correction. The cryptocurrency has already rebounded to $97,000, reinforcing its bullish momentum.
The professional highlighted that $90,000 stage, aligning with the 55-day Exponential Shifting Common (EMA) on the every day chart, is a important help stage that is still untested—an indication of market energy.
Whereas $100,000 was briefly breached, it stays inside attain for one more try. Santana famous that longer-term projections level to key Fibonacci extension ranges at $113,968, $138,794, and $163,620 as Bitcoin advances.
General, he attributed the shakeout to profit-taking by main buyers as a part of a broader bullish pattern that continues to unfold. Santana steered that the following main development section might decide up velocity by late February, whereas intervals of consolidation and altcoin enlargement present interim alternatives.
“Bitcoin received’t transfer in a single day, it takes time to develop. We’re two months, late February, for max velocity and most development. However we are able to expertise some excessive, some sideways, some consolidation whereas the Altcoins develop,” he stated.
Bitcoin worth evaluation
Bitcoin was buying and selling at $98,510 by press time, rallying over 3.5% within the final 24 hours. On the weekly chart, BTC is down 3%.
As issues stand, Bitcoin’s technical setup is pointing to a continuation of renewed bullish momentum, with the asset nicely positioned above its 50-day easy shifting common ($91,185) and the 200-day SMA ($69,891).
Regardless of this, market sentiment is bearish, although the Concern & Greed Index sits at 73 (Greed), reflecting investor confidence. The 14-day Relative Energy Index (RSI) at 50.65 signifies impartial momentum.
General, consideration is on bulls to maintain the continuing momentum and assist Bitcoin set up its worth above $99,000 for a doable stab at a brand new document excessive.
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