The Bitcoin price (BTC) suffered a significant loss on Friday while prices fell below $ 102,000 marking the end of a rather turbulent negotiation week. While the global financial markets have resisted major losses, Bitcoin has made no new price discovery, throwing more speculation on the bull market.
The critical price level emerges at $ 98,000 for Bitcoin
Despite a global positive performance in January, Bitcoin had a hard time confirming the continuation of Bull Run with its price of all time increasing by 0.6%.
Given that market investors remain confident of more price gains, the Blockchain Glassnode analysis company has highlighted a price level that could be crucial to the current bitcoin bitcoin configuration. In a new post on X, Glassnode shares that market players have exchanged a substantial BTC volume between the price range of $ 94,000 – $ 101,000 in the last 45 days.
Following this development, there is currently a dense offer cluster forming around the price zone of $ 98,000 indicating that a large amount of investors acquires the BTC near this price area. Historically, the price areas of activity with high accumulation are considered important because they tend to serve as strong support in market slowdowns and act as resistance during price rallies.
Consequently, if Bitcoin is consolidated above $ 98,000 for an extended period, this price area could form a robust floor, providing support to other rallies in the current bullish structure. However, a drop below this price level could convert it to a high resistance area because investors can aim to sell to recover the losses.
In terms of immediate price movement, if Bitcoin Bulls can maintain more than $ 98,000 with sufficient purchase, the asset could return to the price region of $ 106,000 which currently represents a solid area of ​​resistance area psychological. On the other hand, if the sellers dominate the demand at the price level of $ 98,000, Bitcoin is subject to an additional drop with a possible retest at $ 92,000 on the table.
BTC records nearly $ 450 million in exchange trips
In other developments, the Bitcoin market recorded $ 442 million in scholarships in last week. According to more data from Intotheblock, a net output of $ 70 million was reached because the exchange entries amounted to $ 372 million.
Generally, higher exchange exits that entries are bullish development indicating that investors are less interested in selling and move their assets to private wallets pending price gain. At the time of the press, the BTC is negotiated at $ 102,269 after a drop of 1.94% in the last day. Meanwhile, the daily trading volume of the assets is down 12.58% and valued at $ 44.44 billion.
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