Bitcoin Faces Critical Support Resistance Challenge

Bitcoin Navigates Between Key Support and Resistance Levels

• Bitcoin’s current spot price is positioned between two significant on-chain demand zones.
• The $93,700 to $96,600 range contains the acquisition cost for 2.13 million addresses holding 1.39 million BTC.
• The $96,900 to $98,700 range represents a resistance level with a cost basis of 750,800 BTC.
• Bitcoin has recently surpassed the major supply wall in the lower range.
• If support at the lower range fails, the next major zone is between $82,000 and $85,000.

As of now, Bitcoin’s price hovers around $96,800, marking a more than 2% increase over the past week. The asset has broken above a significant supply wall but faces resistance just above its current level.