Bitcoin holds near $93,248 as analysts predict rebounds from support levels starting at $90,796.
Three major price targets, $102,904, $108,524, and $115,292, signal bullish momentum if support holds strong.
A circulating supply of 19.79 million BTC emphasizes Bitcoin’s scarcity, which drives long-term value for investors.
In a comprehensive technical assessment shared by Rose Premium Signals (@VipRoseTr) on Twitter, Bitcoin's (BTC/USDT) price action is dissected using a combination of Fibonacci retracement levels, volume profile, and price action trends. The chart and accompanying analysis provide a roadmap for traders looking to capitalize on BTC's movements in the current market scenario.
https://twitter.com/VipRoseTr/status/1861323435349000386
Key Support Zone for Bitcoin Identified
The analysis has triggered main points between $90,796 and $92,374, referring to them as backing levels that could trigger a rebound. This zone was derived using Fib tools and historical price data, giving traders an area to focus on for entry points.
The volume profile reinforces this support zone by showing a high point of trading activity around these price levels. This trading interest suggests buying pressure that could help stabilize Bitcoin’s price before it attempts any upward moves.
If BTC drops below $90,796, it could invalidate the current bullish outlook and possibly lead to further declines. However, staying above this level strengthens the possibility of a reversal supported by the observed descending wedge pattern on the chart.
Bitcoin’s Next Potential Targets
If Bitcoin holds its current support, analysts have outlined three key price targets traders should watch for upward movements. The first target is set at $102,904, which is expected to act as initial resistance after any upward breakout from the current zone.
The second target, placed at $108,524, marks a more resistance level where traders may see consolidation or profit-taking activity. Success at this level could indicate bullish momentum, setting the stage for even higher price levels.
The final target is $115,292, which is seen as a durable goal for traders looking to benefit from sustained bullish momentum. Achieving this target would confirm an important correction and strengthen confidence in BTC's market performance.
Bitcoin at $93,248: Key Market Stats, $1.85T Market Cap & Supply Update
Speaking of right now, BTC is trading at $93,248.54, a slight daily decline of 0.45%. Further more, it maintains a market cap of $1.85 trillion and a 24-hour trading volume of $86.89 billion. The total supply of the token remains capped at 21 million, with 19.79 million BTC already in circulation.
The circulating supply accounts for over 94% of the total amount, emphasizing the dwindling availability of new Bitcoin entering the market. Bitcoin’s Fully Diluted Valuation is $1.96 trillion, offering a broader perspective of its maximum potential market capitalization based on the fixed total supply.
Source: Coinmarketcap
The price chart reveals Bitcoin’s fluctuation within a narrow range over the past 24 hours, with the highest price recorded at $93,570. The minor pullback in price, reflected by the red areas on the chart, shows localized selling pressure, while green zones indicate moments of recovery.
The chart also highlights Bitcoin's resilience, with price stabilization following periods of volatility. Traders appear cautious, likely awaiting stronger market signals before taking positions.
