Bitcoin Stalls at $91,000 Resistance While Short-Term Holders Break Even

Bitcoin experienced a slight 0.95% increase last week, struggling to break through the $85,000-$86,000 range after its rally in April. Key resistance stands at $91,275, identified as critical for potential bullish movement, while the current price of Bitcoin is $84,872, reflecting ongoing market consolidation and bearish sentiment. Reclaiming $91,275 is vital for upward momentum, as selling pressures could intensify below $84,500.

Bitcoin has seen a modest price increase of 0.95% over the past week, hovering around a consolidation phase. The cryptocurrency has struggled to surpass the $85,000-$86,000 range following a notable rally in early April, where it surged significantly after hitting a low of $75,000. Analyst Ali Martinez has pinpointed a critical resistance level for Bitcoin’s current trajectory.

According to Martinez, Bitcoin’s significant resistance is marked at $91,275, which emerged following recent price movements. The cryptocurrency’s consolidation phase has resulted in minimal fluctuations, mostly contained within $84,000 and $86,000. The short-term holders’ realized price indicates that a substantial selling resistance can be expected as prices approach $91,275.

The short-term holders’ realized price represents the average acquisition cost for Bitcoin investors within the last 155 days. This metric is crucial for assessing market sentiment. A price above this level suggests that recent buyers are inclined to hold onto their assets for profit, creating a robust support area. Conversely, with Bitcoin currently trading below this realised price, psychological resistance is expected as short-term holders may sell to break even, thus elevating selling pressure if prices approach $91,275.

To reaffirm its bullish momentum, Bitcoin must reclaim the $91,275 threshold. As of now, Bitcoin is priced at $84,872, showing a slight daily increase of 0.14%, though it has decreased by 1.34% over the past month amid bearish market conditions. Immediate resistance is seen at the $86,000 level, and overcoming this could trigger a swift rise toward $91,000. However, if prices slip below $84,500, there is a risk of descending further to $84,000 or even down to $83,300.