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Bitcoin Bulls Build Up Safety Net – What Does This Mean For Price?
A new development in the Bitcoin market has sparked significant interest and debate among traders and analysts alike. As reported by Bitcoinist, a substantial buying activity has emerged at the $97,100 price level, indicating that millions of BTC have changed hands within this range.
According to data provided by IntoTheBlock, 2.76 million addresses acquired a total of 2.1 million BTC between the $95,830 and $98,700 levels. This information is obtained from their In/Out of the Money Around Price metric, which tracks the buying distribution of addresses that purchased Bitcoin within the specified range.
This significant buying activity has caught the attention of crypto analyst Ali Martinez, who emphasized that the best approach to trading Bitcoin at this juncture is to purchase the asset at $92,000 and sell it when it reaches the $106,000 resistance zone. Furthermore, he advised waiting for a decisive move beyond this range before making aggressive market entries.
The emergence of such a massive buying zone presents several important implications for the cryptocurrency’s price action moving forward. Firstly, this development provides a substantial base of holders who may intervene in the event of further downward moves to defend the asset’s value. This, in turn, could prevent any potential losses from spiraling out of control.
Secondly, the establishment of a higher low and the maintenance of Bitcoin’s bullish trajectory are also possible outcomes if this buying activity holds up. However, it is crucial to acknowledge that the cryptocurrency may potentially fall short of expectations if the selling pressure proves too strong.
In conclusion, the reported buying activity has resulted in the creation of a new demand zone that could have significant implications for Bitcoin’s price movement going forward.
Source: https://bitcoinist.com/bitcoin-bulls-build-up-safety-net-what-does-this-mean-for-price/
