Bitcoin Reaches New All-Time High of $90,243 Amid Consolidation Phase
Bitcoin reached a new all-time high of $90,243, entering a consolidation phase after significant gains. Key data from CryptoQuant indicates moderate selling pressure, suggesting a potential pullback or stabilization below $90,000.
This week is crucial for Bitcoin as traders assess whether it will maintain near the $90,000 level or drop to test support around $80,000. Market fundamentals remain strong, and continued interest from bullish investors may lead to another rally. A brief consolidation could provide a healthier base for long-term growth.
Bitcoin Selling Pressure Still Far From Peak Levels
Following its recent surge, Bitcoin has reached a local top, prompting analysts to monitor its movements closely. Despite bullish momentum, caution prevails as many anticipate a necessary consolidation period. Data from CryptoQuant analyst Axel Adler shows that current selling pressure is mild compared to historical peaks, indicating that profit-taking by short-term holders is occurring but not at extreme levels.
Adler’s analysis highlights that this subdued selling pressure could facilitate a stable rally. Investors are assessing whether Bitcoin will strengthen for the next upward move or continue to cool off before potentially breaking out again.
BTC Testing New Supply Levels (Again)
Bitcoin is in a price discovery phase, currently trading around $87,500 after hitting $90,243. The market may experience consolidation below $90,000 as traders evaluate new demand levels, likely around $80,000.
The upcoming days are critical for determining BTC's trajectory. Holding above $85,000 would indicate resilience and might encourage further price increases. Conversely, losing this level could lead to a retracement toward $82,000, allowing for a more stable foundation ahead of the next rally attempt.
Analysts view this consolidation phase as essential for establishing support following Bitcoin's rapid rise. Maintaining the current range signals strength, positioning BTC for potential further gains. Investors are closely monitoring whether BTC will solidify its recent achievements or reset briefly before targeting new highs.
Featured image from Dall-E, chart from TradingView