Bitcoin's recent market performance has been like a roller coaster ride. Last Tuesday, BTC soared to an all-time high, but then experienced a sharp 15% drop, triggering heated discussions in the market. The battle between bulls and bears has intensified: some are optimistic about Bitcoin reaching new highs, while others are worried about an impending deep correction. The key question is whether Bitcoin can hold the support at $97,000, known as the 'lifeline'.
$97,000: Bitcoin's 'Lifeline'
Top crypto analyst Ali Martinez recently conducted an in-depth analysis of Bitcoin's cost basis distribution, highlighting that $97,000 is the most important support area at present. His data shows that this range is not only the core of recent bullish defense but could also become the critical dividing line for Bitcoin to maintain its upward trend. Martinez stated, 'If Bitcoin cannot hold above $97,000, this support level is likely to turn into resistance, giving bears the upper hand.'
Currently, Bitcoin has shown strong demand in the $97,000 range and quickly rebounded after briefly testing the $92,000 low. This ability to rapidly absorb selling pressure has sparked hope in the market for a short-term rebound in Bitcoin. However, future trends remain full of uncertainties.
$100,000: The Bulls' 'Alps'
Although the solid support at $97,000 has given bulls a temporary sigh of relief, they still face a psychological 'mountain': the $100,000 mark. This round number is not only a psychological barrier but also a litmus test for market sentiment.
Repeated attempts this year to break through the $100,000 mark have ended in failure, with each failure boosting the confidence of the bears. If Bitcoin can effectively break through this barrier in the coming days, market sentiment will quickly turn optimistic, paving the way for BTC to reach new highs. However, if it faces resistance again, it may lead to a longer period of consolidation or even trigger deeper corrections.
The market is hesitant, with the next few days determining Bitcoin's fate.
As the year comes to a close, Bitcoin's price trend is particularly crucial. Bulls need solid support at $97,000 to restore confidence, while bears are trying to shake this foundation to seek greater room for correction. Ali Martinez has also warned that falling below this level could lead to Bitcoin dropping to lower support ranges, thereby damaging its bullish structure.
In the short term, the market is awaiting further validation of Bitcoin's support at $97,000, and whether it has the ability to regain upward momentum. If it can maintain above this level and launch a strong assault towards $100,000, Bitcoin is expected to attract more capital inflow, reigniting bullish sentiment among investors.
