Bitcoin Realized Price For New Whales Marks Strongest Support For Current Consolidation – Analyst

Bitcoin has experienced lackluster price action over the past few days, trading in a narrow range between $94,700 and $98,600 since last Friday. This stagnant movement has added to the speculative environment, leaving the market uncertain about short-term direction. Neither bulls nor bears have been able to take control, creating a sense of indecision among investors who had hoped for stronger momentum.

CryptoQuant analyst Axel Adler shared insightful metrics on X, revealing that the realized price of new whales sits around $89.2K. This level represents the strongest support for the current consolidation phase, which spans from all-time highs (ATH) at $109K to the $89K key demand zone. According to Adler, this support highlights the significance of new whale activity, as these large players are unlikely to sell at a loss, bolstering the market’s resilience in the event of a downturn.

For now, the market remains in a critical zone, with the consolidation between key levels defining Bitcoin’s next move. A push above $98,600 could signal bullish momentum, paving the way for a test of the $100K mark and potentially ATH. However, losing $94,700 would raise the risk of a retest of the $89K support zone. Investors continue to monitor these levels closely.

Bitcoin Testing Liquidity Below $100K

Bitcoin continues to lead the market amid volatility and uncertainty, holding strong above crucial demand levels while most altcoins bleed heavily. Bulls have managed to keep BTC above the $95K mark, maintaining the bullish structure that has characterized this cycle. Despite this strength, price action suggests no clear direction in the short term, with volatility dominating the market as both bulls and bears struggle for control.

Key metrics from CryptoQuant, shared by analyst Axel Adler on X, reveal that the realized price of new whales is around $89.2K. This level is currently the strongest support for Bitcoin’s ongoing consolidation phase. Adler notes that large players who bought BTC at this price are unlikely to sell at a loss, adding resilience to the market. This suggests that, even in the face of bearish sentiment and choppy price action, Bitcoin remains fundamentally strong.

The $89.2K level serves as a critical foundation for Bitcoin’s current price range, which spans between all-time highs at $109K and demand levels near $89K. While short-term direction remains unclear, this strong support provides confidence to investors watching for a breakout. If bulls reclaim the $98K level and push above $100K, a test of range highs could follow.

Conversely, losing $95K would open the door to a retest of $89K support. For now, Bitcoin is cementing its role as a market leader during this consolidation phase, signaling the potential for upside as it holds above critical levels.

BTC Price Showing Indecision

Bitcoin is trading at $96,250 after several days of range-bound price action between $94,600 and $100,000. The market remains indecisive, with both bulls and bears struggling to take control. Bulls have been unable to push the price above the critical $100K mark, while bears haven’t managed to sustain the price below $95K. This back-and-forth has created uncertainty around short-term direction, leaving traders and investors on edge.

For bulls to reclaim momentum and confirm a short-term reversal, Bitcoin must break above the $98K level and establish it as support. A subsequent push above the $100K mark would be necessary to signal strength and set the stage for a rally toward higher supply zones. Achieving this would shift market sentiment toward optimism and potentially spark a new bullish phase.

However, if Bitcoin loses the $95K support level, it risks dropping toward lower demand zones around $89K. This level is considered a strong support, backed by the realized price of new whales, according to recent on-chain data. While the $95K level remains intact, the market stays cautiously optimistic, but the coming days will be crucial in determining whether Bitcoin can reclaim bullish momentum or slide further into lower levels.

Featured image from Dall-E, chart from TradingView