Bitcoin’s recent price action suggests a cooling phase after its failed attempt to secure a close above the $123,000–$124,000 all-time high zone. Although a short-term correction is likely, the overall market structure is bullish. This could be a positive reset to the market before Bitcoin’s next wave of momentum, which is $150,000.
A Heatmap Reveals Bitcoin Support Gaps
ZYN is a leading crypto analyst who recently published an article. update On X, highlighting a major observation in Bitcoin’s heatmap of cost basis. The analyst It’s important to note that the support for Bitcoin between $121,000 and $120,000 is limited, resulting in a vulnerable zone where Bitcoin can easily fall through if pressure from sellers increases.
ZYN highlighted a significant area of interest below that around $117,000, which was where approximately 190,00 BTC previously had been purchased. This accumulation zone represents a large base of buyers who have recently purchased BTC. It could be a crucial level that determines the future direction for Bitcoin. market Participants step in and absorb any negative pressure.
The analyst thinks that, if Bitcoin does pullback to $117,000 or lower, it may set the stage for a renewed uptrend rather than an even deeper correction. Retracements have historically been followed by strong gains. support As both new and existing investors are taking advantage of the lower entry point, this has driven Bitcoin to higher levels. ZYN summarized that, while Bitcoin does not have a significant cushion of support around $121,000 it appears to be building a firm foundation at $117,000.
BTC struggles to hold above the All-Time high Zone
Recently, a market was held updateCrypto Candy noted that BTC struggled once more to keep momentum above the resistance zone of $123,000-124,000. It has been a difficult level to break, as price attempts higher than it were quickly met. selling pressure. BTC was unable to maintain and close above this crucial area. This led to a reverse that matched their earlier analysis.
This is a short-term correction It is not seen as a sign of weakness, but rather part of an organic and healthy cycle of the market. The analyst noted that if the current momentum persists, Bitcoin could dip toward the $116,000–$118,000 region before finding strong support. This area is seen as an accumulation zone, where interest in buying could return. bullish momentum.
Although the market has pulled back, there is still a positive outlook. Crypto Candy reiterated a psychologically long-term Bitcoin target of $150,000. They suggested that current Bitcoin price is only a temporary stop before the next upswing.
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Source: www.newsbtc.com
