Bitcoin Price Trading Within Dense Supply Cluster — What Lies Beyond $100K?
Bitcoin price shows signs of recovery, moving towards the $100,000 level after a two-week surge. Current on-chain data indicates the price is within a critical range between $93,000 and $100,000, which may influence its short-term trajectory. Analyst Checkmate highlights that this range contains significant supply barriers due to high volumes of coin activity, suggesting potential selling pressure as investors aim to break even. The distribution heatmap indicates that above $100,000, there is less historical buying activity, implying lower resistance. A successful breach of the $100,000 mark could initiate a strong upward rally, while failure to surpass this range may lead to further consolidation. As of now, Bitcoin is priced at approximately $96,680, with a weekly increase of over 2%.
