{"id":30044,"date":"2024-12-20T15:30:40","date_gmt":"2024-12-20T15:30:40","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30044"},"modified":"2024-12-20T15:30:40","modified_gmt":"2024-12-20T15:30:40","slug":"heres-why-the-bitcoin-price-continues-to-hold-steady-between-96000-and-98000","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30044","title":{"rendered":"Here\u2019s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000"},"content":{"rendered":"

The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez<\/a> provided insights into why Bitcoin could be holding well within this range.\u00a0<\/p>\n

Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000<\/h2>\n

In an X post<\/a>, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors<\/a> who bought between this level continue to provide huge support for the flagship crypto.\u00a0<\/p>\n

As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000<\/a> following the Federal Reserve Jerome Powell\u2019s recent speech, in which he hinted at a hawkish stance from the US Central Bank.\u00a0<\/p>\n

This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders<\/a> are in the money, 4% are out of the money, and 9% are at the money.<\/p>\n

These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn\u2019t seem to be slowing down.\u00a0<\/p>\n

Traders Anticipate A Bullish Reversal\u00a0<\/h2>\n

Ali Martinez<\/a> suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000.\u00a0<\/p>\n

Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000<\/a>. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price.\u00a0\u00a0<\/p>\n

At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range.\u00a0 Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000 In an X post, Ali Martinez noted that […]<\/p>\n","protected":false},"author":0,"featured_media":30045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30044"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30044"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30045"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}