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Will Bitcoin Price Remain Defiant?
Expert trader Ali Martinez signaled the possibility of a BTC price crash to $96k if bulls miss the next short-term rally. In an X post, Martinez told the community that the asset must reclaim the $119k mark to keep the bullish momentum alive. Alternatively, pricing bands will signal a drop to $96k.
In practice, Bitcoin needs increased buyer strength from whales and retail markets to prevent a reversal. Traders are closely monitoring BTC support levels and the ability to hold key resistance in the short term. A slight break could mean sentiments shift from bullish to highly cautious, signaling a price drop. This is harmful to the gains recorded in the last three quarters as institutional inflows hit all-time highs.
This year, the Bitcoin price has steadily increased with periodic metrics pointing upward. After the positive trend in the mainstream United States, institutional capital flowed to the asset and trickled to other altcoins. As a result, Bitcoin hit multiple all-time highs after attracting huge corporate treasuries. While bear sentiments persist, some traders point to these treasuries as key behind the asset’s stability.
Per Bitwise data, corporate Bitcoin treasuries hold $117 billion in assets, marking a 40% increase in three months. The last quarter saw the number of firms holding assets surge to 172, with Michael Saylor’s Strategy still at the top. Among these firms, publicly listed firms picked up the most BTC, a 20.68% increase. Aside from Strategy, firms like Metaplanet and Galaxy also boosted purchases and rolled out new financing plans.
 
Bullish traders also cite the crypto derivatives markets as reasons to remain cautiously optimistic in the coming weeks. Meanwhile, CryptoQuant analysts noted that Bitcoin’s new investor supply increased since the last dip. For context, the number spiked from 1.6 million BTC to 1.87 million BTC within days.
“The rapid increase in STH supply signifies that the necessary market liquidity for future upward price movements is being replenished. The recent price dip was effectively utilized as a crucial buying opportunity by new market participants, establishing a new, robust demand floor that can absorb future minor sell-offs. Low-Profit Cost Basis Reduces Selling Pressure: This accumulation involves the distribution of older coins (likely from profit-taking Long-Term Holders or LTHs) being passed to these newer buyers,” they added.
Source: https://zycrypto.com/crypto-trader-warns-of-shocking-bitcoin-crash-to-96000-heres-more/