According to analysts from Glassnode, the current market situation resembles that of 2022: back then, Bitcoin was trapped and struggled to overcome the bearish trend.
"The market cannot shake off constant pressure from sellers, which likely limits Bitcoin's ability to break the $90,000 level and approach the $100,000 mark," explained representatives from Glassnode.
In conditions of uncertainty, even positive signals quickly lose their effect if not followed by an influx of fresh liquidity. For a confident breakthrough of the support level, the first cryptocurrency will require a substantial and, importantly, sustainable increase in demand from long-term holders.
If Bitcoin surpasses $100,000, it can be claimed, albeit cautiously, that there is a bullish trend. Otherwise, the coin has no chance of breaking out of the narrow price range in the coming months, analysts from Glassnode announced.
Earlier, specialists from the on-chain platform CryptoQuant reported that the Bitcoin market has come under the control of new large investors, each holding more than 1000 coins over the past few months. These 'new whales' react most strongly to fluctuations in the price of the first cryptocurrency, according to CryptoQuant.