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After two weeks of strong action, the Bitcoin price seems to be back on the right track, and the bull run — which once looked done and dusted — appears to be roaring back to life. This previously improbable recovery is now accentuated by the premier cryptocurrency’s likely return to above the important $100,000 level.
However, the Bitcoin price appears to have its hands full in its quest for a six-figure valuation in the near future. The latest on-chain data suggests that the market leader’s price is currently wedged within a significant range, which could determine its movement over the next few weeks. ‘Pretty Much Blue Skies Above $100’ For BTC – Analyst
In his recent post on the X platform, prominent crypto analyst Checkmate shared an interesting on-chain insight, saying that the Bitcoin price is “working its way” through the $93,000 and $100,000. This on-chain observation is based on the supply distribution heatmap, which shows the concentration of coins acquired at different price ranges. Related Reading Bitcoin Is Warming Up: Analyst Maps 3 Scenarios That Could Trigger the Next Big Rally 1 day ago
The deep red shades on the distribution heatmap represent high volumes of coin activity, indicating that large clusters of investors have their cost bases in this price range. These cost bases clusters act as psychological and technical resistance zones, as investors are likely to sell when prices return to their purchase prices. Source: @_Checkmatey_ on X
As shown in the chart above, there is a significant supply barrier for the Bitcoin price in the $93,000 – $100,000 region. This suggests that the premier cryptocurrency faces significant potential selling pressure due to investors looking to break even after being in the red for so long.
Interestingly, the distribution heatmap shared by Checkmate shows that beyond the $100,000 threshold, the Bitcoin supply significantly declines. This suggests low historical buying activity (lower coin amounts being held) above this price level, meaning relatively less significant resistance.
Ultimately, a breach above the $100,000 mark could be the beginning of a strong upward rally for Bitcoin price, as Checkmate noted that “blue skies” is what lies beyond the psychological price level. However, failure to break out of the $93,000 – $100,000 region could result in another extended consolidation period. Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $96,680, reflecting no significant movement in the past 24 hours. According to CoinGecko data, the flagship cryptocurrency is up by more than 2% on the weekly timeframe. Related Reading Ethereum ‘Running Out Of Time’? Analyst Says New ATH May Not Come This Cycle 1 day ago The price of BTC briefly touches the $97,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView