Bitcoin: Next Key Area of Resistance After the Price Passed $90,000
Bitcoin's recent surge has captivated the crypto world as the cryptocurrency surpassed the $90,000 mark once again.
Following this impressive milestone, analysts are turning to on-chain data to identify potential challenges ahead. Based on insights from IntoTheBlock, experts have highlighted the next key area of resistance for Bitcoin, expected between $95,600 and $98,290.
On-Chain Data Reveals Resistance Zones
According to on-chain data from IntoTheBlock, the next significant resistance area lies between $95,600 and $98,290. This level is marked by a large number of addresses that bought BTC at these price points, making them “out of the money” if the price moves beyond this range. These addresses could sell off their holdings, creating selling pressure that might hinder Bitcoin’s price action.
What Does This Mean for Bitcoin?
As Bitcoin reaches the $90,000 mark, the next challenge will be breaking through the $95,600 to $98,290 range.
This key resistance zone could determine whether Bitcoin continues to climb or faces a correction. Traders are watching these levels closely, as breaking through them could signal further bullish movement, while rejection could signal a pullback.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
