Bitcoin prices may be nearing their peak based on onchain data, which indicates a shift from long-term holders to speculators. The question remains: can BTC maintain its position above $90,000?

Bitcoin’s recent price movement shows it fluctuating around $95,500, with a global crypto market cap of approximately $3.2 trillion, marking a 3.3% downturn within the last 24 hours.

Despite the bullish hopes for support in the $94,000-$95,000 range, the recent price drops and a trend of lower lows over the past two weeks raise flags. Current trading patterns suggest a consolidation phase, indicating a possible loss of upward momentum.

BTC Price Status Analysis

The resistance level appears to be set at $100,000. In light of recent trends, onchain data suggests buyers may struggle to push the price through this psychological barrier.

Glassnode analysts suggest the RHODL Ratio, which assesses holders against recent buyers, is trending downward, indicating that the current surge may be nearing a climax, particularly as speculative trading becomes more prevalent.

Key price thresholds of $94,000 and $95,000 are being monitored closely by traders to determine their potential as strong support levels.

With growing inflation concerns and political factors influencing market dynamics, such as calls for lower interest rates, the situation could prompt increased Bitcoin demand.

Market Overview

Stay tuned for market developments and updates on Bitcoin’s performance–it could be a pivotal moment for cryptocurrency investors.