Bitcoin (BTC) Price Could Be Back on the Right Track After Two Weeks of Strong Action

After two weeks of strong action, the Bitcoin price seems to be back on the right track, and the bull run — which once looked done and dusted

The Bitcoin price is currently attempting to break out of a crucial zone that could determine its next major move.

After two weeks of strong action, the Bitcoin price seems to be back on the right track, and the bull run — which once looked done and dusted — appears to be roaring back to life. This previously improbable recovery is now being driven by the premier cryptocurrency’s likely return to above the important $100,000 level.

However, the Bitcoin price appears to have its hands full in its quest for a six-figure valuation in the near future. The latest on-chain data suggests that the market leader’s price is currently wedged within a significant range, which could decide its movement over the next few weeks.

‘Pretty Much Blue Skies Above $100′ For BTC – Analyst

In his recent post on the X platform, prominent crypto analyst Checkmate shared an interesting on-chain observation, saying that the Bitcoin price is “working its way” through the $93,000 and $100,000 tiers. This on-chain observation is based on the supply distribution heatmap, which shows the concentration of coins acquired at different price ranges.

The deep red shades on the distribution heatmap represent high volumes of coin activity, indicating that large clusters of investors have their cost bases in this price range. These cost bases clusters act as psychological and technical resistance zones, as investors are likely to sell when prices return to their purchase prices.

As shown in the chart above, there is a significant supply barrier for the Bitcoin price in the $93,000 – $100,000 region. This suggests that the premier cryptocurrency faces substantial potential selling pressure due to investors seeking to break even after being in the red for so long.

Interestingly, the distribution heatmap shared by Checkmate shows that, beyond the $100,000 threshold, the Bitcoin supply declines sharply. This indicates minimal historical buying activity (lower coin amounts being held) above this price level, implying relatively less significant resistance.

Ultimately, a breach above the $100,000 mark could be the beginning of a strong upward rally for the Bitcoin price, as Checkmate noted that “pretty much blue skies” lie beyond the psychological price level. But failure to break out of the $93,000 – $100,000 region could result in another extended consolidation period.

Bitcoin Price At A Glance

At the time of writing, the price of BTC trades at around $96,680, showing no substantial change over the past 24 hours. According to CoinGecko data, the flagship cryptocurrency is up by more than 2% on the weekly timeframe.

News data source: kdj.com

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