Bitcoin facing major resistance near $95,000, investors on alert

Bitcoin is approaching a critical resistance zone around $95,090, attracting great attention among traders and investors. This strategic threshold could determine the next big move in the crypto market.

Major Technical Resistance Zone Tests Bitcoin Resilience

Bitcoin is currently trading around $95,063 on major exchanges, facing a significant technical resistance zone between $95,090 and $99,800. This region also represents a level where over a million wallets have accumulated their positions, totaling around 11 million BTC.

THE on-chain data from IntoTheBlock show that strong support has formed just below the current level, between $92,202 and $94,978, with over 3.31 million BTC held. This base could thus serve as a springboard for a possible breakthrough above resistance.

The In/Out of the Money Around Price (IOMAP) indicator reveals that 78% of current holders are “Out of the Money,” suggesting potential selling pressure if the price continues to advance.

Short-term market implications raise questions

Technical analysis suggests that breaching the $99,800 mark could trigger a new wave of buying, potentially propelling bitcoin towards $105,000. However, the large volume of BTC held in the current resistance zone could slow this progression.

Investor sentiment remains mixed, with 21.91% of portfolios currently in profit (“In the Money”). This uneven distribution of profitable positions could influence price dynamics in the days to come.

The data shows that losing wallets collectively hold 2.71 million BTC, worth $257.66 billion, highlighting the scale of the challenge ahead.

The market is holding its breath as bitcoin tests this critical resistance. The ability of the queen of cryptos to break through or bounce off this technical level could determine the direction of the market in the coming weeks, also influencing the entire crypto ecosystem.