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Bitcoin Faces Key Supply Clusters at $93K–$96K and $100K–$108K
Bitcoin Market Update:
- Bitcoin has rebounded over 12% from a recent low of $80,000.
- Market sentiment remains uncertain after a significant short-term holder capitulation.
- Breaking above major supply clusters is crucial for sustainable recovery and upward momentum.
Key Supply Barriers
- Glassnode identifies two critical supply clusters: $93,000-$96,000 and $100,000-$108,000.
- These areas represent where many investors may sell at breakeven, posing resistance to price increases.
- The ability of BTC to break through these clusters will determine the potential for reaching new all-time highs.
Support Testing After Selloff
- BTC has stabilized around $91,500 after dipping to $80,000 last week.
- Price is below the 50-week moving average, which previously provided support during bullish phases.
- The 100-week moving average near the mid-$80K region is currently acting as critical support.
- A sustained close above $92K–$94K could enhance recovery prospects, while failure may lead to another test of $80K support.
- Volume remains high, indicating ongoing market activity and potential for further volatility.