Bitcoin reached a new all-time high of over $108,000 but has since faced a pullback, dropping below $96,000. This decline is attributed to short-term profit-taking by mid-term Bitcoin holders. However, this does not negate the cryptocurrency's long-term potential. The HODL waves show an increase in wealth held by recently moved Bitcoin, indicating a rise in demand-side activity. While the proportion of wealth held by newer investors has not reached levels seen in prior ATH cycles, sustained accumulation by new market participants will be key for future price rallies. Bitcoin is expected to find support around $95,000, and flipping $95,668 into support could pave the way for a move above $100,000. However, failure to hold the $95,000 range or increased profit-taking could push Bitcoin lower, with the next significant support level at $89,800.



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