Bitcoin recently saw a 9% retrace from its all-time high of $99,800, narrowly missing the psychological $100K milestone. The pullback brought BTC down to a low of $90,700 on Tuesday, sparking concern among some investors.
However, the price has since recovered, showing resilience as it climbs back toward key resistance levels. Despite the volatility, Bitcoin’s long-term bullish structure remains intact, with market sentiment leaning optimistic.
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Top analyst Axel Adler has provided key on-chain insights that suggest that the strong demand for Bitcoin persists at current levels.
According to Adler, this buying activity indicates that investors view pullbacks as opportunities to accumulate, underscoring confidence in Bitcoin’s potential for further growth. However, he also highlighted solid support at lower price levels, which could come into play if the current recovery fails to sustain.
The next few days will be crucial as Bitcoin tests its ability to reclaim momentum and potentially break through the $100K barrier. With demand remaining robust and market conditions aligning for a potential breakout, all eyes are on whether BTC can sustain its upward trajectory or if further consolidation is on the horizon. The stage is set for a decisive move in Bitcoin’s price action.
Bitcoin Data Reveals Investors’ Entry Prices
Bitcoin continues to showcase extremely bullish price action, driven by increasing demand from institutional and retail investors. Key on-chain data from CryptoQuant analyst Axel Adler highlights critical price dynamics shaping the current market.
According to Adler, Bitcoin’s price is presently consolidating within the average purchase range of two key investor cohorts: the 1D ($96.8K) and the 1D-1W ($95.3K). These levels act as crucial support zones, reflecting strong buyer interest at current prices.
Additionally, the average purchase level in the 1W-1M range, positioned at $84K, provides an extra layer of support in case of a broader market pullback. This indicates that even in a more bearish scenario, Bitcoin will likely find stability around $84K before resuming its upward trajectory.
The data reinforces a widely held bullish outlook for Bitcoin among analysts and investors, many of whom believe the current cycle is still in its early stages….
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