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Bitcoin on the Edge: The $98,000 Target and Its Impact on the Market

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by Giorgi Kostiuk

4 hours ago


Bitcoin is at a critical $98,000 mark, raising tension among investors. This zone may prove decisive for future price movements.

Why the $98,000 Threshold Matters for Bitcoin

The future of Bitcoin hinges on the $98,000 mark. This zone corresponds to a large number of addresses holding more than 1.25 million BTC. This cluster represents historic buyers whose average purchase price ranges from $95,248 to $98,566. These 'clusters' act as levees: as long as Bitcoin's price stays above this level, selling pressure remains limited. However, if this floor breaks, a quick slide towards $96,000 or lower could become possible. The $106,738 mark also serves as a crucial level; a break below it would raise the risks of capitulation.

$116,800: A Support or Trap for Bulls?

Despite these vulnerabilities, some analysts identify higher support levels. They stress that Bitcoin must remain above $98,000 to avoid a bearish breakdown. Specifically, analyst Michaël van de Poppe highlights the $116,800 threshold as a pivot zone that could stabilize Bitcoin's bullish momentum. If this level holds, it could serve as a springboard for breaking the $119,500 mark, considered the gateway to new highs. Below this line, a dense liquidity zone forms between $110,000 and $112,000, presenting an opportunity for seasoned investors to accumulate Bitcoin amid a pullback.

Signals to Monitor in the Bitcoin Market

The market remains tense, but Bitcoin's fundamentals hold strong. Daily trading volume hovers around $52 billion, indicating sustained activity. Several factors reinforce this resilience, including:

- Favorable macroeconomic signals in the medium term; - An expected inflection of key interest rates; - A potential resumption of expansionary monetary policies; - Discreet accumulation by institutional investors.

Bitcoin is walking a tightrope, and dramatic changes could occur at any moment. If the $98,000 mark is breached, the market could face a sharp decline. However, as long as this mark holds, the chance for new highs remains intact.

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