An analysis of Bitcoin's current status shows that the cryptocurrency continues to follow a bull trend that started in November 2022. Despite a couple of significant corrections, the market is showing signs of maturity.
Current Market Situation of Bitcoin
Bitcoin is currently consolidating between $100,000 and $108,000, with a slight decline of 4.7% from recent highs. Analyst Adler notes that corrections are becoming shallower, indicating market maturity.
Support at $96,000
The key support level for Bitcoin remains at $96,000. The analyst emphasizes that in the absence of negative news, this level could drive the next leg up and potentially new highs.
Growth Prospects for Bitcoin
Data shows that Bitcoin movement volumes on centralized exchanges are decreasing, indicating a shift towards long-term holding. The analyst also mentions that there is strong structural support, suggesting possible new all-time highs.
Given the current trends and structural support, Bitcoin may soon see a new all-time high if the market situation remains stable.
