#Bitcoin faces resistance near the $97,000 level as long-term holders reduce their balances and network activity declines.
Bitcoin’s efforts to surpass $100,000 have encountered strong resistance from bears, resulting in increased volatility in recent days. On Monday, Bitcoin was rejected near $97,500, falling about $3,000 in just a few hours before stabilizing slightly above $95,000.
Today, Bitcoin continued its downward trend, dropping 1.9% to $93,940 on Tuesday. This price decline coincides with a noticeable reduction in long-term Bitcoin holdings, adding complexity to the market outlook.
