Bitcoin Trading Between Key Support and Resistance Levels

On-chain data indicates that Bitcoin's price is currently positioned between two significant demand zones where many investors purchased their assets.

Bitcoin Trading Between Major On-Chain Demand Zones

Analyst Ali Martinez highlighted key support and resistance levels based on investor cost basis.
Support and resistance levels are influenced by how holders react to retests of their break-even prices.
Investors in profit may accumulate more during upward retests, while those at a loss might exit.
Minimal buying/selling reactions result in stable prices; however, retesting narrow ranges can lead to volatility.

The current BTC spot price has broken above a major supply wall. Key details include:

The cost basis range of $93,700 to $96,600 includes 2.13 million addresses and 1.39 million BTC.
The next challenge is the $96,900 to $98,700 range, with 750,800 BTC held at a loss.
The previously mentioned range could act as strong support if Bitcoin faces downward pressure.
If this support fails, the next major zone is between $82,000 and $85,000.

BTC Price

Bitcoin is currently trading around $96,800, reflecting an increase of over 2% in the past week.