Followin' the public account: Lazy King Squirrel
The price of BTC has been consolidating around $97,000, and despite some minor fluctuations, it has shown resilience.
Recent on-chain data and technical indicators suggest that BTC remains in a strong position, but key resistance and support levels will determine its next move.
BTC MVRV range suggests potential upside
The MVRV (Market Value to Realized Value) extreme deviation pricing range shows that as of the time of writing, the BTC trading price is close to the +1.0 range, which has historically signaled a strong price momentum.
To learn more about the crypto world and get the latest news, feel free to add me to the group; QQ: 3786051908 or follow the public account: Lazy King Squirrel, we have the most professional community, and we publish daily market analysis and recommendations for promising potential coins.
Although BTC briefly touched the upper deviation band, breaking through this area could drive the price to new highs.
However, if it is rejected, BTC may experience a short-term correction to the average pricing level.
Furthermore, the current level suggests that the strongest support for BTC is around the $93,000 price level.
UTXO highlights key support area
The UTXO Realized Price Distribution (URPD) chart shows a significant concentration of BTC transactions between $90,000 and $101,000.
The trading concentration in these price ranges indicates strong support, making it unlikely for BTC to fall below $90,000 without substantial selling pressure.
Conversely, the distribution also shows resistance forming above $101,000, meaning BTC will need a strong bullish momentum to break through higher levels.
BTC technical indicators show cautious optimism
From a technical perspective, the price movement of BTC has remained stable, with the trading price slightly below the 50-day moving average of $98,801 at the time of writing.
The 200-day moving average is $80,021, providing a strong long-term support base.
While the current price faces resistance, the bullish structure remains intact, suggesting that if buyers regain control, BTC may attempt to rise again.
A critical juncture for BTC price movement
BTC's current market positioning presents both opportunities and risks. The MVRV cycle suggests BTC still has further upside potential, while the UTXO Realized Price Distribution highlights key support and resistance levels.
Breaking above $101,000 could open the door to higher valuations, while failing to defend the $90,000 support level could trigger short-term bearish sentiment.
As BTC enters a decisive phase, traders should closely monitor these levels.
