Bitcoin is currently facing a crucial battle in the $94,500 price zone with significant resistance between $94,125 and $99,150. Analyst insights reveal heavy accumulation in this area, making it a key battleground. Strong buying momentum could lead to prices targeting $100,000 and beyond, while repeated failures could bring Bitcoin back to lower support levels around $93,000. Bitcoin’s long-term outlook remains positive, with some analysts predicting a potential climb to $125,000 if certain support levels hold.
In recent days, Bitcoin has found itself in a critical price zone, particularly around $94,500. This area has turned into a battleground for traders as it attempts to rally but faces significant resistance. Multiple rejections have raised concerns about whether Bitcoin can sustain momentum. Nevertheless, on-chain data suggests an intriguing accumulation by whales on exchanges, indicating that some bullish sentiments linger. This could pave the way for an upward trend as April comes to a close.
Crypto analyst Ali Martinez has pointed out the heavy resistance Bitcoin is up against, particularly between $94,125 and $99,150. Insights shared via Martinez’s platform, IntoTheBlock, reveal that around 2.61 million wallet addresses hold about 1.76 million BTC within this range. This accumulation forms a substantial supply barrier that Bitcoin must conquer if it wishes to continue its ascent. The breakdown shows that around 1.26 million addresses hold nearly 843,000 BTC between $94,125 and $96,582, while another cluster of 1.35 million addresses holds roughly 917,000 BTC between $96,582 and $99,146.
For Bitcoin to gain traction, it requires a strong close above $96,600. Successfully breaching this resistance could set the price on a trajectory aiming for the elusive $100,000 mark. Alternatively, failing to sustain above these levels may result in a dip back to lower support levels around $93,000 and $84,000, which also have significant BTC volumes roughly 678,000 and 759,150 respectively.
Despite the current resistance, some analysts remain optimistic. Titan of Crypto, another well-known figure in the crypto analysis space, expressed that Bitcoin’s long-term price target of $125,000 is still on the table. This optimism stems from a notable Inverse Head and Shoulders pattern on Bitcoin’s monthly chart that suggests the possibility of significant price increases ahead. When Bitcoin initially broke out of this pattern earlier this year, it surged to nearly $108,790, and recent action signals a possible retest of previous support, making observers hopeful for further gains.
Currently, Bitcoin is trading at $94,147. If the critical support zone around $85,000 to $87,000 holds, analysts believe there’s potential for Bitcoin to tap back into a bullish phase soon. However, traders should proceed with caution, being aware of the substantial resistance now standing in the way of sustained upward movement. The next few days could be pivotal for Bitcoin’s price trajectory in this evolving market landscape.
