Bitcoin Price Rises to Nearly $97,000 Amid Mixed Market Signals
Bitcoin's price has increased from $96,000 to nearly $97,000. Analysts note mixed market signals regarding potential bullish momentum and the risk of a pullback.
Market Analysis
- Onchain Edge identifies Bitcoin’s “critical decision zone” based on Taker Buy/Sell Ratio and MVRV Ratio.
- MVRV Ratio at 2.21 indicates room for further upside, below typical market top levels (3.5–4.0).
- Puell Multiple suggests Bitcoin is not overbought.
- Potential upward movement may reclaim six-figure territory if macro indicators remain steady.
Bearish Signals
- Taker Buy/Sell Ratio at 0.96, below the bullish threshold of 0.98.
- This level historically precedes market corrections, as seen in March and November 2021.
- A failure to break above current resistance may indicate a temporary pullback.
- Maintaining above $95,000 with increased buying activity could lead to new highs.
- A decline below critical support might prompt a correction before regaining upward momentum.
