Bitcoin (BTC) Price Stuck Between Key Levels, Demand, Supply Walls Collide

The current Bitcoin (BTC) price movement struggles to stay above a crucial demand area.

This is where 1.97 million addresses purchased 1.43 million BTC within the $94,660 to $97,540 range.

The major demand barrier indicates market participants who wish to increase their holdings if prices drop in this region.

The “In/Out of the Money Around Price” (IOMAP) displays major green circles in this area, demonstrating high purchase activity and making it a vital support point.

If it revisits this support zone, Bitcoin (BTC) price might encounter stiff opposing forces that would prevent additional price drops.

The accumulation area between $39000 and $49300 attracts numerous BTC holders with robust market sentiment.

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They view this space as a prime investment area. The support, i.e. green circles, could stay strong unless investors change their emotional responses about Bitcoin.

The currency could see a price plunge whenever its value reaches this support level since stop-loss orders activate and intensify selling pressure.

A Strong Supply Wall Exists Between $97,650 and $99,470

On the upper end, Bitcoin (BTC) price faces a critical resistance zone between $97,650 and $99,470, where 1.16 million addresses acquired 1.16 million BTC.

Many sellers in this region suggest a strong overhead supply. This makes it difficult for Bitcoin to break out above this range.

The price action within this range has shown signs of hesitancy. Bitcoin has struggled to establish a foothold above these levels.

As the IOMAP chart depicts, the red clusters represent the resistance levels. This indicates that many holders in this range may seek to sell, limiting upward momentum.

If Bitcoin fails to break above this resistance, it could trigger a short-term correction as traders profit.

Many investors who accumulated BTC at these higher levels may want to break even.

This could contribute to the increased selling pressure. If Bitcoin does not push through this resistance soon, it could lead to a prolonged period of sideways movement or even a downturn as impatient traders exit their positions.

Bitcoin (BTC) price Technical Analysis and Market Outlook

The 30-minute Bitcoin (BTC) price chart from Binance provides deeper insight into Bitcoin’s current market structure.

The recent price action shows Bitcoin trading near $97,613, hovering within a consolidation zone.

This BTC price range aligns closely with the supply wall indicated by the IOMAP data, reinforcing the resistance between $97,650 and $99,470.

Price consolidation at this level suggests indecision among traders, with neither bulls nor bears exerting enough pressure to dictate a clear direction.

The Awesome Oscillator (AO) indicator reveals a weakening bullish momentum as the histogram bars have turned red.

This suggests that selling pressure is increasing, which could push Bitcoin toward the lower demand zone at $94,660-$97,540 if the trend continues.

If this trend persists, the likelihood of a retest of the demand wall grows stronger.

The volume oscillator shows a decline of approximately -27.92%, indicating reduced trading volume.

A drop in volume during a consolidation phase often signals an impending breakout.

However, to sustain an upward move, Bitcoin must overcome the selling pressure in the $97,650-$99,470 range.

Reduced volume suggests market participants wait for a decisive move before committing to new positions.

When volume returns, it could determine whether Bitcoin breaks through resistance or retraces to lower levels.

Bitcoin’s price is currently oscillating between supply and demand zones, and the resolution of this range will likely set the stage for the next trend.

If BTC price breaks above $99,470, it could enter price discovery mode with an increased probability of testing the $101,000-$103,000 range.

Overcoming this resistance level would signal renewed bullish momentum and could attract further buying interest.

However, failing to clear this level could keep Bitcoin confined within a tight trading range, leading to further uncertainty.

A BTC price breakdown below $94,660 may lead to a retest of lower support levels around $91,000 or lower, depending on market conditions.

If this scenario unfolds, market sentiment could shift towards caution, increasing selling pressure.