On-chain analyst Julio Moreno identifies a critical resistance level for Bitcoin around $91,000 to $92,000, influenced by the Trader’s on-chain realized price. Market sentiment plays a crucial role in determining Bitcoin’s behaviour, with bullish conditions fostering recovery, while bearish sentiment presents resistance. Historical patterns reinforce this outlook, along with a significant sell wall at $92,000 on Binance’s order book that could impede price movement unless surpassed by strong buying pressure.
Investors are questioning whether Bitcoin’s (BTC) recent price developments signify a weakening bull run or simply a pause. Analyst Julio Moreno suggests that a critical resistance level is positioning itself just above the $91,000 to $92,000 range, coinciding with the “Trader’s on-chain realized price.” This metric denotes the average price paid by current holders and usually acts as a vital psychological and technical reference in market evaluations.
Moreno notes that the Trader’s Realized Price is influenced by market sentiment. In bullish conditions (represented by green on the chart, with a bull score of 60 or above), Bitcoin tends to stabilise in the “super region,” experiencing limited pullbacks and a tendency for prices to recover. Conversely, in bearish conditions (marked in red, with a bull score of 40 or lower), this price level transforms into a resistance barrier, hindering potential upwards movement. Presently, Bitcoin’s sentiment appears bearish based on the bull score and chart indicators, indicating a challenging ascent to the $91,000–$92,000 range.
Next, Bitcoin’s historical price patterns lend credence to this cautious perspective. From 2020 to 2025, as indicated on the chart, Bitcoin has previously experienced heightened selling pressure upon reaching or marginally exceeding the pink line in bearish phases, often resulting in price corrections or prolonged consolidations. Currently, the bull score remains predominantly below 60. As Bitcoin approaches this critical line again, it may signal an impending turning point. Furthermore, AetherCapital has identified a significant sell wall at $92,000 on Binance’s order book, indicating a concentrated cluster of limit sell orders at that threshold, suggesting many traders are poised to secure profits. This sell order wall will likely pose a substantial price obstacle unless countered by robust buying demand.
