CandleFocus Bitcoin Price Faces Crucial Resistance and Support Levels
2025-02-16
Author: Content Editor
The current price of Bitcoin is stuck between significant levels of supply and demand. There is a strong demand zone between $94,660 and $97,540, where 1.43 million BTC has been accumulated. However, there is a substantial supply barrier between $97,650 and $99,470, with 1.16 million BTC. The Bitcoin price action is at a critical juncture, and a breakout in either direction could determine the trend. Breaking above the $99,470 resistance could trigger a bullish rally, while a drop below the $94,660 demand zone could lead to further declines. The distribution of BTC holdings suggests that the next move may depend on whether demand outweighs selling pressure. A move in either direction could establish a new trend, with a break above $97,650 potentially leading to a continued rally, and a failure to hold above $94,660 inviting further downside movement.
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