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02/10 03:30

Bitcoin: Why $96k is key for BTC to remain bullish

Bitcoin: Why $96k is key for BTC to remain bullish

Over the past week, Bitcoin [BTC] remained stuck within a consolidation range, as the king coin failed to maintain an upward momentum and reclaim higher resistance.

As such, it has continued to hover around $96k, making it a critical point for STHs, according to CryptoQuant analyst Shayan.

Why $96k is key for Bitcoin

In his analysis, Shayan observed that Bitcoin’s realized price for the 1–3 month cohort sat at $96k.

Historically, when BTC declines to this level after an uptrend, it acts as critical support, suggesting that STHs are confident with their positions despite the surging prices.

Holding above this key level is crucial as it reinforces bullish market sentiment, thus increasing the likelihood of an extended upward trend.

Conversely, if Bitcoin fails to hold this support at this critical threshold and breaks below, it could cause a shift in sentiment. As such, market sentiment will shift towards fear, potentially leading to a distribution phase.

Therefore, the next move around this point will play a key role in shaping Bitcoin’s short to mid-term trajectory.

Can BTC hold above $96k?

With Bitcoin remaining stuck around $96k, the question is whether the king coin can hold above it and reinforce bullish sentiment among short-term holders.

According to AMBCrypto’s analysis, although Bitcoin lacks upward momentum, investors are optimistic and believe another leg up is ahead.

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