Bitcoin may face significant growth due to changing market indicators and holder strategies.
Bitcoin Market Dynamics
The recent trading range of Bitcoin reflects a market in consolidation, with the price struggling to breach the resistance level of $98,804 while firmly holding above the support of $94,603. The daily RSI at 61.41 suggests moderately bullish momentum, but a clear breakout signal is yet to be seen. Despite price stagnation, OBV maintains an upward trajectory, indicating sustained buying pressure.
Impact of Stablecoins Ratio and Holder Behavior
The Stablecoins Ratio has dropped to 0.000060, its lowest level in 2024, indicating significant buying power on exchanges. This metric shows that investors are ready to acquire BTC. Moreover, the average holding period of short-term Bitcoin holders has increased by 36% over the past month, reducing immediate selling pressure and increasing market scarcity.
Forecast: Possibility of Breaking Resistance
Bitcoin is currently trading at $95,323, slightly below its key resistance level of $98,804. The low Stablecoins Ratio suggests significant buying power. If short-term holders continue their HODL strategy, Bitcoin might overcome this resistance and move closer to the $100,000 mark.
The observed market trends and increased holder confidence may lead Bitcoin to break through current resistance. However, any increase in selling pressure could result in price consolidation or a retracement before another growth attempt.
