The price of Bitcoin (BTC) received a significant loss on Friday when prices dipped below $ 102,000 that marked the end of a fairly turbulent trade week. As the global financial markets weather out large losses, Bitcoin made no new price discovery and threw more speculation over the bull market.
Critical Price Level Occurs to $ 98,000 for Bitcoin
Despite an overall positive performance in January, Bitcoin has struggled to confirm the bull driving prevention by its high price which increased by only 0.6%.
Since market investors remain secure in more price profits, the blockchain analysis company Glassnode has been highlighted a price level that may prove to be crucial for Bitcoin’s current Hausse installation. On one New post At X, Glassnode, which the market operators have traded a significant volume of BTC between the price range $ 94,000 – $ 101,000 in the last 45 days.
As a result of this development, there is currently a dense supply cluster formed around the $ 98,000 price zone that indicates that a significant amount of investors acquires BTC near this price zone. Historically, price areas for high accumulation activity are considered important because they tend to serve as strong support in the decline in the market and act as resistance during pricing.
Therefore, if Bitcoin consolidates over $ 98,000 over a longer period, this price zone can form a robust floor, which provides support for additional rally in the current haussey structure. However, a case below this price level can convert it into a strong resistance zone as investors can strive to sell to get loss back.
In the case of immediate price movement, if Bitcoin Bulls can hold over $ 98,000 with sufficient purchase pressure, the asset can return to the $ 106,000 price region that currently represents A strong psychological resistance zone. On the other hand, if sellers overpower demand to the price level of $ 98,000, Bitcoin is subject to further decline with a possible re -tasting to $ 92,000 on the table.
BTC records almost $ 450 million in exchange flows
In other developments, the Bitcoin market recorded $ 442 million in exchange flows over the past week. According to more data from intotheblockA net outflow of $ 70 million was reached when exchange inflows amounted to $ 372 million.
Generally speaking, higher exchange flows than inflows are a hooked development that indicates that investors are less interested in selling and moving their assets to private wallets in expectation of a price increase. At press time, BTC is $ 102 269 after a decline of 1.94% on the past day. At the same time, the asset’s daily trade volume drops by 12.58% and is valued at $ 44.44 billion.
Image from Insuchphotos, charts from TradingView