Bitcoin is now retesting the psychological $100,000 price level again after a 2.22% decline in the past 24 hours. Notably, Bitcoin recently rebounded around an order block at $99,200 in the past 24 hours as it continues to trade with intense volatility.\u00a0<\/p>\n
Meanwhile, crypto analyst Ali Martinez has pointed to $97,190 as a key support level, stressing that Bitcoin must stay above it to maintain its bullish trajectory. This insight comes amidst sharp price swings that have tested investor sentiment<\/a>, but optimism remains strong as data indicates many traders continue to bet on Bitcoin\u2019s upward trajectory.<\/p>\n As Martinez noted, <\/a>$97,190 is one of the most critical support levels for Bitcoin, and holding above it is crucial to sustaining<\/a> the bull market. This insight is backed by data from on-chain analytics platform IntoTheBlock. Particularly, the data is revealed through the In\/Out Of Money Around Price metric from IntoTheBlock, which tracks the number of addresses making or losing money at the current price of a crypto asset.\u00a0<\/p>\n In the case of Bitcoin, about 73% of addresses that bought Bitcoin at the current trading range are in profit. A significant portion of these, approximately 1.45 million addresses, bought Bitcoin between $95,727 and $98,719 at an average price of $97,190. These addresses collectively hold about 1.36 million BTC around this level, making it one of the most densely concentrated areas of holdings in the current cycle.<\/p>\n Given this concentration of holdings, Bitcoin must maintain its position<\/a> above $97,190 to preserve its bullish momentum and keep sentiment positive among traders. A break below this level could push many of these holders toward break-even, increasing the likelihood of panic selling.<\/a> This could, in turn, trigger further downside pressure and create a cascading effect on the Bitcoin price.<\/p>\n\n Image From X<\/a>: Ali_charts<\/p>\n Despite concerns surrounding Bitcoin\u2019s ability to maintain its support, market sentiment among traders remains largely optimistic. Notably, open positions<\/a> on Binance, the world\u2019s largest crypto exchange, show that a significant majority of traders continue to bet on further upside. <\/p>\n According to data from Coinglass, 60.94% of traders on Binance, the largest crypto exchange, with open Bitcoin futures positions are betting on the upside.<\/p>\n Further reinforcing the bullish outlook, Martinez also pointed to a buy signal from the TD Sequential indicator,<\/a> which has appeared on Bitcoin\u2019s four-hour chart. This technical tool has been instrumental in identifying trend reversals throughout this cycle, often preceding notable price recoveries. <\/p>\n If the pattern holds true again<\/a>, Bitcoin could experience renewed buying pressure in the coming days<\/a>, potentially setting the stage for a retest of the $106,000 level.<\/p>\n At the time of writing, Bitcoin is trading at $99,403, down by 2.35% in the past 24 hours.<\/p>\n Featured image from Neon Dreams, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":" Bitcoin is now retesting the psychological $100,000 price level again after a 2.22% decline in the past 24 hours. Notably, Bitcoin recently rebounded around an order block at $99,200 in the past 24 hours as it continues to trade with intense volatility.\u00a0 Meanwhile, crypto analyst Ali Martinez has pointed to $97,190 as a key support […]<\/p>\n","protected":false},"author":0,"featured_media":41071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-41070","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\/41070"}],"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=41070"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/41070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/41071"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s Key Support Level Identified At $97,190<\/h2>\n
Binance Futures Data Shows Strong Bullish Sentiment<\/h2>\n