Bitcoin Unable To Break Upward As 1.6 Million BTC Resistance Wall Blocks Path
A significant Bitcoin supply wall exists around the $97,200 level, potentially hindering BTC's price advances. On-chain analysis indicates that the $96,400 to $98,400 range contains a large number of holders, with approximately 1.6 million addresses owning 1.57 million BTC in this area. Many of these investors are currently at a loss, which could lead to selling pressure if prices rise back to their cost basis. The inability of Bitcoin to break bullish in recent weeks may be attributed to this resistance level. The strongest support for BTC is between $93,400 and $96,200, but it has less supply than the resistance block. If this support is breached, Bitcoin could face thinner support levels down to $81,800. Currently, Bitcoin is priced around $96,000, reflecting a 2% decline in the last 24 hours.
