The post Bitcoin Faces Major Resistance as Price Approaches $95,090 appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) is approaching a crucial price range where significant resistance levels could influence its next move. With a current price of $95,063.69, data suggests that BTC faces considerable challenges between $95,090 and $99,800, a zone where 2.40 million wallets acquired over 2.28 million BTC. According to Crypto Analyst Ali Martinez, The latest on-chain data from IntoTheBlock highlights the distribution of Bitcoin holders by price range. As Bitcoin hovers near $95,000, traders and investors are closely monitoring this level, which represents a substantial concentration of wallets holding significant BTC amounts. At this price range, approximately 1.04 million wallet addresses bought BTC, contributing to a total volume of 11 million coins. This level has become a psychological and technical barrier for BTC, where profit-taking and selling pressure may outweigh buying demand. The “In/Out of the Money Around Price” (IOMAP) metric provides a detailed breakdown of Bitcoin holders’ positions based on historical buying activity. Below $95,090, BTC has a support base consisting of over 3.31k BTC, representing addresses that purchased between $92,202 and $94,978. This support could help sustain Bitcoin’s current trajectory if prices face downward pressure. However, resistance in the $95,090-$99,800 range is daunting. With 2.28 million BTC held by a substantial number of wallets, traders may face difficulties pushing BTC beyond this level in the short term. Additionally, the next significant resistance cluster lies above $100,000, amplifying the challenges in breaking out further. Bullish Scenarios, On-Chain Insights, and Market Implications From a bullish perspective, breaking through the $99,800 level would signify strong buying momentum, potentially triggering a rally toward psychological levels like $105,000. On the flip side, failure to overcome this resistance may lead to a correction toward the $92,000-$94,000 support zone. Investor sentiment remains mixed, with macroeconomic factors and regulatory developments continuing to influence the market. BTC holders with…