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Here’s Why This Time It Can Be Different
By: bitcoin ethereum news|2025/05/08 21:45:01
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On-chain data from Sentora (previously IntoTheBlock) indicates that the largest cryptocurrency can spike well above $100,000 if it finally manages to break through that barrier, given the lack of significant sell pressure. However, another analyst outlined the next big resistance line, which his not all that far ahead. Bitcoin is once again approaching the $100K threshold, and on-chain data suggests potential resistance may be limited. The red bubbles highlight volume that’s still in an unrealized loss; cohorts more likely to sell to break even or minimize further downside. This group... pic.twitter.com/yAhdHXp6IR — Sentora (previously IntoTheBlock) (@SentoraHQ) May 8, 2025 With BTC approaching and currently sitting just inches away from the coveted six-digit territory, the entire crypto community has turned its focus on whether the asset will finally be able to break through. Recall that the last time it traded above that coveted milestone was just over three months ago. With optimism regarding big trade deals between the US and another country (perhaps the UK, even though some speculate it could be China), BTC’s price jumped from under $94,000 yesterday to the current $99,500. If it pulls another impressive leg up, Sentora’s data shows that the potential resistance “may be limited” due to the relatively low amount of BTC purchased at that level. More precisely, just 3% of the total supply was accumulated at these prices, which suggests that “sell-side pressure could be relatively contained.” However, Ali Martinez brought another chart showing that 81,910 BTC (bought for well over $9 billion) was acquired at an average price of $101,673, which has now turned into a major resistance if the $100,000 line falls. In contrast, BTC has formed a “strong support” at $94,719, where 195,320 BTC was acquired, with a USD value of $18.5 billion. #Bitcoin has established a strong support floor at $94,719, where 195,320 $BTC were accumulated. On the upside, a key resistance wall stands at $101,673, with 81,910 #BTC accumulated at that level. pic.twitter.com/PRFCKAeDFY — Ali (@ali_charts) May 8, 2025 In the meantime, while BTC’s market price fights with $100,000, the asset’s realized cap has soared to a new all-time high – details here. LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin! Source: https://cryptopotato.com/bitcoin-price-approaches-100k-heres-why-this-time-it-can-be-different/
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