Bitcoin’s market activities are currently focused on significant price thresholds ahead of the weekend, particularly the yearly open of over $93,000.
Key Insights:
- Important Bitcoin price levels above and below the current price as the week closes.
- It’s crucial to reclaim $93,000 to validate the recovery trajectory.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Bitcoin’s recent bounce from $84,000 sets the stage for traders, although concerns arise due to supplier congestion near $93,000.
Data from CryptoQuant, analyzed by Darkfost, indicates that BTC/USD is trading under the average realized price across various timeframes, suggesting instability.
Related: Bitcoin unlikely to replicate January’s surge to new high: 21Shares founder
Quote from Darkfost:
“Breaking above it would put those investors back into a comfortable position, restoring their expectations of potential gains and encouraging them to keep holding rather than selling, which will bring some stability.”
Bitcoin: Realized price, UTXO age bands. Source: CryptoQuant
Should Bitcoin fail to close above $97,000, analysts recommend maintaining caution. Key resistance on the downside is at $88,000 according to Daan Crypto Trades.
BTC/USD weekly chart. Source: Rekt Capital
Swissblock reports that Bitcoin is experiencing renewed momentum after weeks of negativity, trying to maintain itself above the crucial yearly open.
Final Note: This article is not financial advice. All trades involve risks, and readers should conduct their own research.
