The Most Crucial Bitcoin Support to Watch After $100K Milestone

On November 5th, Bitcoin (BTC) surpassed the much anticipated $100,000 price mark. Hours later, the apex cryptocurrency tumbled from over $103,600 to $93,700. This price correction sparked concerns and fear in the crypto community.

Calming investors, technical analyst Ali Martinez shared an analysis showing that Bitcoin’s price could be preparing for a significant bounce from its current all-time high. Here’s why.

A Solid Support Level

Before hitting its current peak, BTC lingered within the $90,000 price mark for a long time. During this period, retail and institutional investors accumulated a large quantity of the crypto asset. IntoTheBlock’s In/Out of the Money chart revealed that 1.45 million addresses bought 1.42 million BTC. These investors stockpiled the coin at an average price of $96,870.

Business intelligence firm MicroStrategy played a significant role in driving this demand within the price range. On December 2nd, the company acquired 15,400 BTC, which was worth $1.5 billion at the time. This BTC acquisition brought its total stash to 402,100 BTC, a portfolio the firm has built for over four years.

Another firm that bought BTC around that price range is the healthcare technology firm Semler Scientific. After recently buying 297 BTC, its total holdings amounted to 1,570 BTC (worth approximately $157 million).

According to Martinez, “there is a good probability that BTC will continue marching higher” as long as the current demand zone holds. This entails that BTC’s surge above the $103,000 mark depends on investors’ readiness to continue holding and even accumulating more BTC. Conversely, if the price drops below $96,870, it may retest lower price levels.

The most significant support level for #Bitcoin is $96,870, where 1.45 million addresses bought 1.42 million $BTC. As long as this demand zone holds, there is a good probability that #BTC will continue marching higher. pic.twitter.com/O3F1FVjw33

— Ali (@ali_charts) December 6, 2024

BTC Trades at $100K

While it currently remains uncertain when BTC will achieve a new all-time high, investors remain optimistic that this bull season will see the leading crypto asset attain more uncharted levels in the near future.

At the time of writing, BTC exchanged hands with a trading price of approximately $100,700, representing a 2% surge within the past hour.