Bitcoin’s Do-or-Die: Will It Smash $97,530 or Freefall to $70K?
Bitcoin bounced back to $97,000 after dipping below $93,000 on US CPI data. That triggered over $75m in 24 hour BTC liquidations.
Analysts are now wondering if Bitcoin can break above $97,530 or if another dip is coming.
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Market is still cautious as Bitcoin can’t seem to stabilize. As of press time, BTC is at $96,753, up 1.06% with 32% daily volume of $48 billion. According to Coinglass, longs liquidated over $40m in the last 24 hours.
Bitcoin Faces Critical Resistance at $97,530
Technical indicators have identified $97,530 as the critical resistance level for Bitcoin. If it breaks above, it’s bull, if not, it’s downside risks. Martinez says support below $92,110 is weak and a big gap down to $70,000.
Rekt Capital also says BTC is approaching the light blue resistance at $97,700. A daily close or retest above this level could mean new bullish momentum.
Key insights from analysts:
$97,530 resistance: A breakout could push Bitcoin towards higher targets.
Weak support at $92,110: A break below could accelerate losses to $70,000.
Exchange liquidations: $76 million liquidated in the past 24 hours, signaling heightened volatility.
Retail Bitcoin Holders Decline, But Whales Accumulate
Santiment reports a big decline in retail participation in Bitcoin. While altcoin networks like Ethereum and XRP are growing with new wallets, Bitcoin’s retail activity is down due to market uncertainty.
Historically, declining retail has preceded bullish reversals as large holders buy lower. Santiment says Bitcoin whales and institutional investors are accumulating during this price action.
Recent whale activity trends:
Bitcoin’s Exchange Whale Ratio has surged to a multi-year high.
Large holders are reducing exchange deposits, often a precursor to price rebounds.
Institutional interest remains strong, with strategic accumulation strategies in place.
Meanwhile, discussions around Bitcoin as a strategic reserve asset continue. VanEck’s Head of Digital Assets, Matthew Sigel, predicts that proposed Bitcoin reserve bills could inject $23 billion in buying pressure, potentially adding 247,000 BTC to institutional portfolios.
Conclusion
Bitcoin is at a crossroads. Break above $97,530 and it’s new momentum, below and it’s $70,000. Whales accumulating and reserve asset discussions picking up, next few weeks will be important for Bitcoin.
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