Bitcoin's bull market might be at the brink of a significant turning point. There is an increase in activity from previously dormant addresses, often associated with bullish trends.
Revival of Lost Coins
Lost coins refer to Bitcoins that remained inactive for years, usually held by early investors or whales. The reactivation suggests that long-term holders may be preparing to take profits or adjust positions. Historically, this behavior aligns with transitions into the final stages of a bull run.
Crucial Support Level: $97,190
Analyst Ali Martinez identified $97,190 as a critical support level for Bitcoin. Data shows this level as a significant asset cluster. If Bitcoin remains above it, the uptrend is likely to continue. A breakdown below might lead to selling pressure and a price correction.
Bitcoin Price Movement Outlook
Currently, Bitcoin is in a strong uptrend, trading at $100,733 and facing minor resistance in the $104,000–$108,000 range. A breakout above could lead to new highs of $120,000. Conversely, failing to break resistance may lead to a short-term pullback to $97,190 or lower to $92,000 and $88,000.
Investors are closely watching how the market reacts to these levels, which could impact Bitcoin's future price movements.