Bitcoin Hits Resistance Near $95,000: Investors on Edge

Bitcoin is approaching a critical resistance zone around $95,090, attracting significant attention from traders and investors. This strategic threshold could determine the next major movement in the crypto market.

A Major Technical Resistance Zone Tests Bitcoin’s Resilience

Bitcoin is currently trading around $95,063 on major exchanges, facing a significant technical resistance zone between $95,090 and $99,800. This region also represents a level where over a million wallets have accumulated their positions, totaling approximately 11 million BTC.

The on-chain data from IntoTheBlock shows that solid support has formed just below the current level, between $92,202 and $94,978, with over 3.31 million BTC held. This base could thus serve as a springboard for a potential breakout above the resistance.

The IOMAP (In/Out of the Money Around Price) indicator reveals that 78% of current holders are “Out of the Money,” suggesting potential selling pressure if the price continues to rise.

The Implications for the Market in the Short Term Raise Questions

Technical analysis suggests that breaking through the $99,800 barrier could trigger a new wave of buying, potentially propelling Bitcoin towards $105,000. However, the significant volume of BTC held in the current resistance zone could hinder this progress.

Investor sentiment remains mixed, with 21.91% of wallets currently in profit (“In the Money”). This uneven distribution of profitable positions could influence price dynamics in the coming days.

Data shows that wallets at a loss collectively hold 2.71 million BTC, representing a value of $257.66 billion, highlighting the magnitude of the challenge to overcome.

The market is holding its breath as Bitcoin tests this critical resistance. The ability of the queen of cryptos to break through or bounce off this technical level could determine the market’s direction in the weeks to come, also influencing the entire crypto ecosystem.