Why $99,800 is an important breakout resistance

Bitcoin price is approaching the $100,000 level again after that It is witnessing significant declines These past weeks. One cryptocurrency analyst noted that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the leading cryptocurrency can break through this level, it will likely lead to a major breakout Pushing Bitcoin past the $100,000 mark.

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Bitcoin price is facing resistance at $99,800

Prominent cryptocurrency analyst Ali Martinez subscriber A chart showing the entry/exit around price (IOMAP) analysis of Bitcoin portfolio distribution based on the buy price. According to the analyst Bitcoin price is facing heavy resistance Between the $97,500 and $99,800 price levels where it is trying to break $100,000 again.

Martinez noted that around this price range, approximately 923,890 wallet addresses purchased more than 1.19 million bitcoins. This price area acts as an important resistance level because many Bitcoin holders may be looking to sell and break even, perhaps making an effort Selling pressure.

In the IOMAP chart shared by Martinez, the green dots that say “In the Money” represent price levels below the current Bitcoin price, where wallet holders are making profits because they purchased BTC worth less. On the other hand, the red dots representing “out of money” show the current value price levels of Bitcoin, where The owners are confused Because they bought BTC at a higher price.

Finally, the white dot indicates “at the money” and represents the current price of Bitcoin with an average of $98,676, where some cryptocurrency wallets see no profit or loss.

Below the current price of Bitcoin, the chart shows strong buy zones, which could provide strong support if the leading cryptocurrency faces a pullback. Possible decline. Martinez expected that a breakout of the critical resistance range between $97,500 and $99,800 would signal the beginning of a bullish wave. Bullish rise in Bitcoinwhich could lead to a new all-time high.

Currently, Bitcoin price is trading at $98,652, and has been steadily rising to return to previous highs above $100,000. To A New all-time highBitcoin would have to rise more than 7%, surpassing its current ATH price of over $104,000.

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Bitcoin’s biggest gains are coming after Christmas

It has been done by a famous cryptocurrency analyst known as “Crypto Rover”. Express Optimism about Bitcoin’s near-term price potential in Q4. According to the analyst, Bitcoin has seen the most historically Big gains right after Christmas During the half years.

The analyst shared a price chart showing the Bitcoin market performance during each Half cycle. In the first half of 2012, Bitcoin began a significant price rally, which extended into the following year. The same upward trend occurred in the next two halvings in 2016 and 2020, where Bitcoin reached all-time highs in price.

Based on this historical trend, Crypto Rover expects Bitcoin to see a similar bull run before the end of 2024, with the rally likely to continue into 2025.

Featured image from Bloomberg Images, chart from TradingView