Bitcoin is holding steady near $93,300, a key support level, with resistance levels at $101,641 and $106,272.
]As of now, Bitcoin is trading at $97,410.38, showing only a small increase of 0.01%. Traders are closely watching these levels to see if Bitcoin will rise or fall next.
Critical Support and Resistance Levels
Bitcoin is currently forming a symmetrical triangle pattern, which often leads to a breakout.
If Bitcoin breaks above the resistance levels, it could rise to $108,000 or more.
On the other hand, if it falls below the support level, it might test the $93,300 mark again or go even lower.
On-Chain Metrics
Bitcoin’s on-chain data shows a drop in the number of active addresses and transactions. This slowdown is not necessarily bad.
It often happens before a strong price move. Fewer transactions could mean that Bitcoin is in an accumulation phase before a price increase.
- New Active Addresses: Down by -3.92%
- Zero-Balance Addresses: Down by -4.56%
If more people start using Bitcoin again, it could see an influx of new money.
Transaction Data
- Large Transactions (> $10M): Down by -63.01%
- Mid-Sized Transactions ($100K — $1M): Down by -43.36%
- Smaller Transactions (< $1K): Also decreased
This drop in transaction size could indicate a period of stabilization before a major price move.
NVT and NVM Ratios
- NVT Ratio: Increased by +20.4%, which shows that Bitcoin’s market cap is growing faster than its transaction volume. This could mean Bitcoin is becoming overvalued.
- NVM Ratio: Up by +35.09%, showing that Bitcoin’s network value is strong despite the price consolidation.
Takeaway
Bitcoin is still testing the support level at $93,300. If it holds, there could be an upward move, especially if buying volume increases.
However, the decrease in address activity and transactions raises some concerns about a potential breakdown.
A breakout above $101,641 could push Bitcoin into a bullish rally.
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