Will the $115k Resistance Hold or Break?

Key Insights:

• Bitcoin’s $115k resistance is a key hurdle for a potential ATH breakout.
• Bitcoin follows a proven 5-step playbook predicting further gains.
• Accumulator wallets surge, signaling long-term confidence despite short-term volatility.

Bitcoin’s price has been gaining momentum recently, leading many analysts to predict the cryptocurrency is on track to reach an all-time high (ATH). While some are confident in Bitcoin’s upward trajectory, others remain cautious about the resistance that lies ahead.

Merlijn The Trader, a well-known market analyst, stated that Bitcoin is following a 5-step playbook that has historically led to ATHs. He suggests that the current market setup mirrors previous cycles, which ended in significant gains.

He noted that every time this setup appears, the result is the same: All-Time High. Moreover, he has emphasized that Bitcoin is in step three of this process, and the final phase often ends with fireworks.

Resistance at $115k and Current Price Movement

Notably, Bitcoin has approached the $115,000 level multiple times, but it has struggled to break through this key resistance. Michaël van de Poppe noted that, despite a strong day for Bitcoin, it was unable to surpass this price point.

According to Michaël van de Poppe, Yesterday was a good day, but it couldn’t crack the first resistance level around $115k. The next few days will be crucial in determining if Bitcoin can retest this resistance and continue moving higher.

At the time of writing, Bitcoin is trading at $114,105, with a 24-hour trading volume of $59.8 billion. Despite the slight dip of 0.04% over the last 24 hours, the price is still hovering near its resistance point of $115k. If the resistance breaks, it could signal a potential rally toward new all-time highs.

Bitcoin’s Market Behavior

Meanwhile, the market is currently seeing contrasting behaviors as Bitcoin faces pressure from both selling and buying forces. Merlijn, the Trader, highlighted a growing trend of panic selling on one side, while relentless buying continues on the other. 

He noted that the number of accumulative Bitcoin wallets has surged, with these wallets showing a significant increase in activity. Accumulator wallets just hit one of their biggest spikes of the year.

Long-term holders may be preparing for a continued rise in Bitcoin’s price, despite short-term volatility. “They only buy, they never sell,” he remarked.