Bitcoin Faces Make-Or-Break Battle As 1.76 Million BTC Cluster Between $94,125 And $99,150

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Bitcoin has entered an important zonein recent days, with the $94,500 price area standing out as an increasingly important battleground for its short-term trajectory. Although the leading cryptocurrency has made several attempts to clear this region during its latest rally,it has faced repeated rejections, highlighting the presence of strong resistance.

Despite these setbacks, on-chain data indicates significant whale accumulation noted on crypto exchanges, hinting that the bullish undercurrent is still strong as Bitcoin looks to end April 2025 on a postive close. Heavy Resistance Cluster Between $94,125 And $99,150

According to crypto analyst Ali Martinez, who shared insightsfrom on-chain analytics platform IntoTheBlock, Bitcoin is encountering heavy resistancebetween the $94,125 and $99,150 price range. Related Reading Ethereum To Hit $5k Before Its 10th Birthday, Justin Sun Says 1 day ago

Notably, his post on social media platform X shows that approximately 2.61 million wallet addresses have accumulated about 1.76 million BTC within this zone, making it one of the densest supply barriers Bitcoin has faced in its current market cycle. 

As shown in the chart below, about 1.26 million addresses hold close to 843,000 BTC between $94,125 and $96,582, while another 1.35 million addresses are clustered between $96,582 and $99,146, holding roughly 917,000 BTC. This concentration of holders creates a formidable wall that Bitcoin must breach decisively if it is to continue its upward march into the next month.

A strong and decisive daily or weekly close above $96,600 could invalidate the overhead resistance here, placing the next target zone at $99,150. Ultimately, the buying momentum here would clear the path for the Bitcoin price to finally target $100,000 and beyondagain.

Conversely, repeated failures at this zone could cause a retest of lower support levels around $93,000 and $84,000, which also have significant volumes of 678,000 BTC and 759,150 BTC, respectively.

Image From X: ali_charts Bitcoin’s Bullish Structure Still Intact

Even as the $94,000 to $99,000 resistance zone poses a near-term challenge, technical patterns suggest that Bitcoin’s rally is just beginning. Another prominent crypto analyst, known as Titan of Crypto, reaffirmed thatBitcoin’s long-term price target of around $125,000 is still valid. BTC is now trading at $94,147. Chart: TradingView

This target is derived from a massive Inverse Head and Shoulders (H&S) pattern identified on the Bitcoin monthly candlestick chart.

Image From X: Titanof Crypto

The chart shows a clear breakoutabove the neckline of the Inverse H&S formation earlier this year when Bitcoin pushed to its current all-time high around $108,790. Since then, the price action has been followed by a retest that is holding firm above a support trendline on the monthly timeframe. Related Reading XRP Nearing Explosive Breakout—$10 Target In Sight, Expert Says 17 hours ago

According to the analyst, this technical structure shows that Bitcoin is well-positioned to rebound and reach a new all-time high of $125,000 very soon. Of course, this timeline will also depend on whether the current support zone around $85,000 to $87,000 holds steady.

At the time of writing, Bitcoin is trading at $94,147

Featured image from Unsplash, chart from TradingView