Bitcoin is exchanged under the key holder cost basis. The 100K mark is what determines whether to turn the market back to the bullish dominance zone or to go down further.
Bitcoin is at a crossroads. The key crypto is trading at a key technical position. Market structure will depend on obtaining the single price point back.
CryptoQuant on X records Bitcoin below the 6-12 month holder cost base. This measure monitors coins that were moved recently. Traditionally, in cases where the price remains below this, markets become bearish.
The Make-or-Break Level Traders Watch
The cost basis is near $100K. Bitcoin has been stagnant for weeks. There are some signs of early rebound that are not yet confirmed.
According to CryptoQuant, the recovery of this mark shifts the market structure. Historically, a breakout indicates a shift in the trends towards the bullish. Further increases can be gained as the price reaches the mark.
Source: CryptoQuant
Assuming that the price does not increase above, the downward trend is maintained. There is a high risk of further decreases. The crypto has not shown a conclusive breakthrough.
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What Happens Next Determines Market Direction
Governing by the 6-12 month holder cost basis is a directional filter. Remaining below holds bearish pressure. Breaking out liberates bullish momentum.
The participants will not be left waiting a long time before a resolution. The trend direction will be shown at the moment when Bitcoin approaches $100K. This is the technical level on which the result depends.
The current price action will determine whether crypto becomes bullish. The market is at a crossroads. The traders are watching the $100K range.
The post Bitcoin’s $100K Battle Could Flip Everything appeared first on Live Bitcoin News.
Source: https://www.livebitcoinnews.com/bitcoins-100k-battle-could-flip-everything/