CandleFocus

Bitcoin could see another record high if this ‘brick wall’ is breached

Author: Content Editor
Bitcoin is attempting to regain its six-figure value after nearly falling below the $90,000 support zone. On-chain data suggests that the cryptocurrency could reach a new all-time high, particularly as it hovers around a critical price range of $97,500 to $99,800, where a significant amount of Bitcoin has been accumulated. This range is seen as a "brick wall" that Bitcoin must break through in order to see new highs. A breakdown of the data shows that a large portion of BTC wallets are currently profitable, while a majority is held at higher levels, waiting for price recovery. The recent volatility in the market, triggered by the Federal Reserve's signals of fewer interest rate cuts, has led to significant outflows and the largest-ever outflow from Bitcoin ETFs. However, experts believe that the recent price drop is a healthy correction and that Bitcoin remains bullish, with key support levels untested and longer-term projections pointing to higher levels. Bitcoin's technical setup is indicating renewed bullish momentum, although market sentiment is bearish. The focus now is on sustaining the momentum and breaking above $99,000 for a potential new record high.

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