The recent price volatility of Bitcoin, which briefly exceeded $108,000 before experiencing a rapid reversal, has led to uncertainty in the market. However, on-chain data analysis shows that there is strong support for Bitcoin below the $100,000 mark, with approximately 1.45 million BTC accumulated at an average price of $97,500. This accumulation, valued at $141.37 billion, suggests a potential support zone that could offer price stability if selling pressure intensifies. On the resistance side, there is minor selling activity just above the current trading levels. Bitcoin's network activity also indicates continued interest in the asset, with a large number of new addresses created over the past week. Despite the recent market fluctuations, Bitcoin's reduced correlation with the S&P 500 and its ability to stay above $100,000 positions it for potential recovery once market volatility subsides.



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