{"id":14623,"date":"2025-02-24T05:33:18","date_gmt":"2025-02-24T05:33:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14623"},"modified":"2025-02-24T05:33:18","modified_gmt":"2025-02-24T05:33:18","slug":"bitcoin-bulls-build-up-safety-net-what-does-this-mean-for-price","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14623","title":{"rendered":"Bitcoin Bulls Build Up Safety Net \u2013 What Does This Mean For Price?"},"content":{"rendered":"
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A key demand zone has formed just below Bitcoin\u2019s current price due to significant buying interest in this particular zone. On-chain data from IntoTheBlock shows that 2.76 million addresses have accumulated 2.1 million BTC at this price, creating a strong support base<\/a>. This interesting data comes amidst a serious compression<\/a> of the Bitcoin price as it continues to trade within a range below $100,000.<\/p>\n

Bitcoin Bulls Build Up Demand Safety Net<\/b><\/h2>\n

Bitcoin has remained in a tight trading range below the $100,000 mark for the past seven days, with price action dominated by repeated attempts to break higher and bouts of selling pressure. The first half of last week saw a notable decline, with Bitcoin dipping briefly below $94,000 before finding support at $93,700. This level caused a little rebound of about 6%<\/a> in the middle of the week, but it wasn\u2019t enough to break above $100,000 as the rally got rejected again at around $99,300.<\/p>\n

<\/p>\n

Data from on-chain analytics platform IntoTheBlock shows that amidst <\/a>this back and forth, an interesting buying trend among Bitcoin bulls this week has led to the creation of a strong support base moving forward. The data shows that the $97,100 price level has become a key area of interest, with millions of BTC changing hands at this range. Particularly, the data shows that 2.76 million Bitcoin addresses acquired a total of 2.1 million BTC between $95,830 and $98,700, which means a significant buying interest at this level.<\/p>\n

This insight was revealed through IntoTheBlock\u2019s In\/Out of the Money Around Price metric, which currently tracks the buying distribution of addresses that bought Bitcoin between $83,800 and $106,800.\u00a0<\/p>\n

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What Does This Mean For Bitcoin\u2019s Price?<\/b><\/h2>\n

The significance of this new demand zone cannot be overstated<\/a>, as it represents a substantial base of holders who may step in to defend the price in case of further downside moves. It also provides a better support zone for Bitcoin to finally go on a substantial break above $100,000.<\/p>\n

Notably, the ongoing power tussle between buying and selling pressures<\/a> has seen this demand zone being tested again, with Bitcoin falling in the past 24 hours to now trading within this range. If it holds, Bitcoin could establish a higher low and maintain its bullish trajectory. On the other hand, a breach of this support could cause another retest of the $93,000 support level.<\/p>\n

As crypto analyst Ali Martinez noted, <\/a>the best approach to trading Bitcoin right now is to buy at $92,000 and sell at the $106,000 resistance zone. The analyst also pointed out waiting for a decisive move beyond the $92,000 to $106,000 zone before making aggressive market entries.\u00a0<\/p>\n

At the time of writing, Bitcoin is trading at $96,570.<\/p>\n

Featured image from Business Insider, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A key demand zone has formed just below Bitcoin\u2019s current price due to significant buying interest in this particular zone. On-chain data from IntoTheBlock shows that 2.76 million addresses have accumulated 2.1 million BTC at this price, creating a strong support base. This interesting data comes amidst a serious compression of the Bitcoin price as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-14623","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14623"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14623\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}