Recent Bitcoin price movements have been notable following the release of US consumer price data. Experts are evaluating the impact of these data on current support and resistance levels.
Key Support and Resistance Levels
Analyst Ali Martinez identifies the $97,530 level as a critical resistance point. Breaching this level could positively affect the price, while the support level around $92,110 is described as sensitive. Martinez warns of increased risks in the $90,000 to $70,000 range. Another analyst, Rekt Capital, highlights that a daily close above $97,700 could reinforce the bullish trend.
Whale Movements and Wallet Analysis
Blockchain analysis firm Santiment reports that small investors are withdrawing from the Bitcoin market, which could positively impact prices in the medium to long term. A decrease in exchange deposits by large investors, known as 'whales,' may increase Bitcoin's buying pressure. Matthew Sigel from VanEck asserts that a proposed Bitcoin reserve offering could create a $23 billion buying pressure, potentially leading to the acquisition of 247,000 BTC.
Market Trends and Forecasts
Investors are closely monitoring support and resistance levels under current market conditions to reassess their strategies. The increase in daily trading volume and whale purchases could provide crucial insights into the market's direction in the coming days.
Recent market movements in Bitcoin highlight the complexity of the current situation, with critical levels needing to be breached. Analysts continue to observe key levels, while investors adapt their strategies according to the new data.
