(MENAFN- Crypto Breaking) Introduction

Bitcoin has experienced a cooling in its recent relief rally, which saw the asset climb to around $91,000. Despite this pause, analysts maintain a bullish outlook for the short term, emphasizing that Bitcoin 's trend remains upward. Critical resistance levels and trading volumes are closely watched as market participants gauge the next move.

Key Takeaways

• Bitcoin must break through immediate resistance between $92,000 and $95,000 to sustain its upward momentum.
• Revival of spot trading volume and overall activity is essential for Bitcoin to retake the six-figure territory.
• Market sentiment focuses on holding support in the $83,000–$85,000 range to establish a base for further gains.
• Key resistance zones exist at $97,000–$98,000, with broader obstacles around $100,000 and above.

Market Dynamics and Resistance Levels

The BTC /USD pair has traded within a narrow range between $90,300 and $92,000 since rebounding from multi-month lows near $80,000, according to data from Cointelegraph Markets Pro and TradingView. Private wealth manager Swissblock noted that Bitcoin's slipping below the yearly open at $93,300 marked a significant shift in its trend. Analysts highlight that the bullish narrative hinges on the asset holding the $83,000–$85,000 support zone, where substantial demand must emerge to establish a bottom.

Bitcoin price chart. Source: SwissblockOn-Chain Data Signals Caution

On-chain transfer volume for Bitcoin has fallen approximately 20% over the past week, with the seven-day moving average dropping to around $87 billion, indicating reduced trading activity. Daily spot trading volume remains low at about $12.8 billion, significantly below recent cyclical peaks. This divergence suggests waning investor enthusiasm, as the recent push above $91,000 was not supported by increased trading volume.

Bitcoin: Total onchain transfer volume. Source: Glassnode

Increased spot volume and buyer-dominated activity could signal a stronger recovery ahead, similar to the rally between May and July when Bitcoin surged 32% to almost $124,000. Currently, market sentiment indicates that higher trading activity would be necessary to push the price beyond key resistance zones, particularly at $97,000–$98,000, where recent buyers' supply clusters present additional hurdles.

Bitcoin: Cost basis distribution heatmap. Source: Glassnode

Market participants are closely watching whether Bitcoin can sustain above these resistance zones, with optimistic projections targeting $100,000 and beyond. Ongoing analysis suggests that a decisive move above these levels could rekindle bullish momentum, supported by favorable futures market signals and increased on-chain activity.

This analysis underscores the importance of trading volume and investor demand as critical indicators for future price action, especially after the recent period of consolidation. Bitcoin's path forward remains contingent on support levels holding and a renewed commitment to higher trading activity.

Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk. Don't invest unless you're prepared to lose all the money you invest.

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