Bitcoin is facing challenges above the $100,000 level this month and is struggling to surpass this critical threshold, indicating its volatility.
Despite this, Bitcoin will continue to be one of the best performing assets this year, and will witness growth again.
Bitcoin investors are not facing losses
Over the past few weeks, Bitcoin has been approaching its starting position despite overall market volatility. Altcoin, particularly in the ERC20 subsector, is facing significant sales pressure, while Bitcoin has shown resilience. This relative stability is a positive indicator, indicating the strength of Bitcoin amid the weakness of the broader market.
The slower Altcoins performance highlights a wider challenge within the crypto market, causing delays in recruitment and market positioning. As Bitcoin continues to consolidate its position, it is clear that the Crypto King outweighs many other assets, setting the stage for potential gatherings when investors’ sentiment improves .
Bitcoin’s macro momentum shows signs of growth despite recent market fluctuations. One important metric is the number of non-empty wallets on the Bitcoin network, at the lowest point in two months. This decline reflects the setback of small traders who have left the market, primarily due to fear of a crypto slump.
Historically, these declines in retail participation have been a positive indication of Bitcoin prices in the medium to long term. When small traders drop out, large investors such as whales and sharks tend to accumulate Bitcoin. These entities often use capital to push markets higher, especially during periods of fear, setting the stage for future price growth.
BTC price forecast: lined up
Bitcoin prices are well above the uptrend line that began two months ago, except for the short slips from last month. Nevertheless, Bitcoin has not experienced a permanent decline. Given its historic performance and recent stability, it could be on track to go above $100,000 in the coming days.
Currently trading at $96,177, Bitcoin is above the key support level of $95,869. With ongoing market conditions and investor support, Bitcoin is quickly poised to violate the $100,000 level, marking a major milestone in its upward trajectory.
However, if Bitcoin loses its support level of $95,869, it could fall below the uptrend line and fall below $93,625. Such a move could negate current bullish papers, show potential changes in market sentiment, and delay further profits in Bitcoin.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.