{"id":666217,"date":"2024-12-22T07:30:45","date_gmt":"2024-12-22T07:30:45","guid":{"rendered":"https:\/\/wncen.com\/?p=666217"},"modified":"2024-12-22T08:00:19","modified_gmt":"2024-12-22T08:00:19","slug":"bitcoin-cost-basis-distribution-reveals-strong-demand-at-97k-can-btc-hold","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-cost-basis-distribution-reveals-strong-demand-at-97k-can-btc-hold\/","title":{"rendered":"Bitcoin Cost Basis Distribution Reveals Strong Demand At $97K \u2013 Can BTC Hold?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has had a whirlwind few days, hitting an all-time high (ATH) last Tuesday before tumbling into a sharp 15% correction. This period of heightened volatility has left investors divided, with some expecting a continued uptrend while others brace for more downside. The market is closely watching Bitcoin\u2019s ability to reclaim its bullish momentum.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ripple\/xrp-whales-loading-up-data-reveals-buying-activity\/\" target=\"_blank\" rel=\"noopener \">XRP Whales Loading Up \u2013 Data Reveals Buying Activity<\/a><\/div>\n<p><span style=\"font-weight: 400\">Top analyst Ali Martinez has highlighted critical data from the Bitcoin cost basis distribution, pointing to $97K as a crucial support level. Martinez stresses that holding this level is essential for BTC to maintain its uptrend and fend off deeper corrections. However, Bitcoin\u2019s price action remains uncertain as it struggles to break through the psychological barrier at $100K.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While many investors see the recent correction as a healthy reset after BTC\u2019s meteoric rise, the failure to push higher could signal a more prolonged consolidation phase. <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-will-test-ath-once-it-breaks-this-strong-supply-zone-details\/\" target=\"_blank\" rel=\"noopener \">With Bitcoin trading near pivotal levels<\/a>, the coming days will be critical in determining whether it will resume its climb to new highs or face additional headwinds.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Holding Above Key Demand<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin is holding steady above a critical demand level around $97,000, offering a beacon of hope for bulls after recent volatility. This stability follows a brief test of lower demand at $92,000, which reinforced the market\u2019s ability to absorb selling pressure. While the short-term recovery is encouraging, the price remains at a pivotal point that could determine its trajectory heading into the new year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Martinez recently shared insights from the Bitcoin cost basis distribution, emphasizing the importance of the $99,000\u2013$97,000 range. His data highlights this zone as the most significant support threshold for Bitcoin, acting as a critical line in the sand for the current uptrend. <\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Martinez warns of the potential downside risk if Bitcoin fails to hold this range: \u201cWe really don\u2019t want this level to become resistance.\u201d<\/span><\/p>\n<figure id=\"attachment_666220\" aria-describedby=\"caption-attachment-666220\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-666220 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=860&#038;resize=860%2C518\" alt=\"Bitcoin cost basis distribution \" width=\"860\" height=\"518\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=1200 1200w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/btc_9494df.jpeg?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-666220\" class=\"wp-caption-text\">Bitcoin cost basis distribution | Source: <a href=\"https:\/\/x.com\/ali_charts\/status\/42948601\" target=\"_blank\" rel=\"noopener nofollow\">Ali Martinez on X<\/a><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">As Bitcoin consolidates near these key levels, sentiment across the market remains indecisive. Bulls are eager to see BTC reclaim momentum and push toward all-time highs, but the psychological resistance around $100,000 continues to loom large. Meanwhile, bears argue that the recent pullback could be a sign of an impending larger correction.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/on-chain-metrics-reveal-cardano-whales-are-buying-the-dip-details\/\" target=\"_blank\" rel=\"noopener \">On-Chain Metrics Reveal Cardano Whales Are \u2018Buying The Dip\u2019 \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">The coming days will be crucial as the year draws to a close. With market participants looking for clarity, Bitcoin must hold this critical support zone or risk losing its bullish structure. Whether the next major move is up or down will depend heavily on how BTC reacts within this price range.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC Testing Liquidity\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin is trading at $97,000, showing resilience after rebounding from local lows of $92,000. This bounce highlights the market&#8217;s strong demand at lower levels, reinforcing the bullish narrative for now. The price structure remains intact above $97,000, indicating that BTC is well-positioned to stage another rally toward its ATH.<\/span><\/p>\n<figure id=\"attachment_666221\" aria-describedby=\"caption-attachment-666221\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-666221 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=860&#038;resize=860%2C540\" alt=\"BTC holding above $97K \" width=\"860\" height=\"540\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=2146 2146w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-21_21-01-14.png?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-666221\" class=\"wp-caption-text\">BTC holding above $97K | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/H7cS2cAO\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">However, the $100,000 psychological barrier looms large as the next major hurdle for bulls. This level has proven difficult to overcome, with previous attempts falling short. A successful breakout above $100,000 in the coming days would likely reignite bullish momentum and set the stage for Bitcoin to reach new ATHs, restoring confidence among investors and traders.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-realized-losses-spike-3-times-the-weekly-average-healthy-correction-or-downturn\/\" target=\"_blank\" rel=\"noopener \">BTC Realized Losses Spike 3 Times The Weekly Average \u2013 Healthy Correction Or Downturn?<\/a><\/div>\n<p><span style=\"font-weight: 400\">On the flip side, failure to breach this critical resistance could trigger a less favorable scenario. If Bitcoin struggles to gain traction above $100,000, market sentiment may waver, leading to increased selling pressure. In such a case, BTC could face another downturn, testing key support levels once again.<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">Featured image from Dall-E, chart from TradingView<\/span><\/i><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has had a whirlwind few days, hitting an all-time high (ATH) last Tuesday before tumbling into a sharp 15% correction. This period of heightened volatility has left investors divided, with some expecting a continued uptrend while others brace for more downside. The market is closely watching Bitcoin\u2019s ability to reclaim its bullish momentum. Related Reading: XRP Whales Loading Up \u2013 Data Reveals Buying Activity Top analyst Ali Martinez has highlighted critical data from the Bitcoin cost basis distribution, pointing to $97K as a crucial support level. Martinez stresses that holding this level is essential for BTC to maintain its uptrend and fend off deeper corrections. However, Bitcoin\u2019s price action remains uncertain as it struggles to break through the psychological barrier at $100K. While many investors see the recent correction as a healthy reset after BTC\u2019s meteoric rise, the failure to push higher could signal a more prolonged consolidation phase. With Bitcoin trading near pivotal levels, the coming days will be critical in determining whether it will resume its climb to new highs or face additional headwinds. Bitcoin Holding Above Key Demand Bitcoin is holding steady above a critical demand level around $97,000, offering a beacon of hope for bulls after recent volatility. This stability follows a brief test of lower demand at $92,000, which reinforced the market\u2019s ability to absorb selling pressure. While the short-term recovery is encouraging, the price remains at a pivotal point that could determine its trajectory heading into the new year. Martinez recently shared insights from the Bitcoin cost basis distribution, emphasizing the importance of the $99,000\u2013$97,000 range. His data highlights this zone as the most significant support threshold for Bitcoin, acting as a critical line in the sand for the current uptrend. However, Martinez warns of the potential downside risk if Bitcoin fails to hold this range: \u201cWe really don\u2019t want this level to become resistance.\u201d &nbsp; As Bitcoin consolidates near these key levels, sentiment across the market remains indecisive. Bulls are eager to see BTC reclaim momentum and push toward all-time highs, but the psychological resistance around $100,000 continues to loom large. Meanwhile, bears argue that the recent pullback could be a sign of an impending larger correction. Related Reading: On-Chain Metrics Reveal Cardano Whales Are \u2018Buying The Dip\u2019 \u2013 Details The coming days will be crucial as the year draws to a close. With market participants looking for clarity, Bitcoin must hold this critical support zone or risk losing its bullish structure. Whether the next major move is up or down will depend heavily on how BTC reacts within this price range. BTC Testing Liquidity\u00a0 Bitcoin is trading at $97,000, showing resilience after rebounding from local lows of $92,000. This bounce highlights the market&#8217;s strong demand at lower levels, reinforcing the bullish narrative for now. The price structure remains intact above $97,000, indicating that BTC is well-positioned to stage another rally toward its ATH. However, the $100,000 psychological barrier looms large as the next major hurdle for bulls. This level has proven difficult to overcome, with previous attempts falling short. A successful breakout above $100,000 in the coming days would likely reignite bullish momentum and set the stage for Bitcoin to reach new ATHs, restoring confidence among investors and traders. Related Reading: BTC Realized Losses Spike 3 Times The Weekly Average \u2013 Healthy Correction Or Downturn? On the flip side, failure to breach this critical resistance could trigger a less favorable scenario. If Bitcoin struggles to gain traction above $100,000, market sentiment may waver, leading to increased selling pressure. In such a case, BTC could face another downturn, testing key support levels once again. Featured image from Dall-E, chart from TradingView\u00a0<\/p>\n","protected":false},"author":617,"featured_media":666218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,84297,87431,5605,656,679,1119,78790],"class_list":["post-666217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-ath","tag-bitcoin-cost-basis","tag-bitcoin-demand","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Cost Basis Distribution Reveals Strong Demand At $97K \u2013 Can BTC Hold?<\/title>\n<meta name=\"description\" content=\"Bitcoin Holds Critical $97K Support After Sharp Correction. Whales Accumulate, Signaling Potential Rebound. 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