Bitcoin has seen a 9% retracement from its all-time high of $99,800, but its long-term bullish structure remains intact. This correction, although noticeable, has not dampened investor optimism, as many are willing to buy the dip and push BTC past the modest $100,000 mark.
According to key metrics shared by Axel Adler, a leading cryptocurrency analyst, Bitcoin’s recent pullback is part of a healthy correction within a larger bullish cycle. Adler’s analysis highlights that on-chain activity and demand from long-term holders continue to support the case for further price appreciation.
If BTC recovers quickly and breaks above $100,000, it could trigger a wave of aggressive buying, adding a new leg to the ongoing rally. Alternatively, the price may consolidate around current levels, allowing the market to establish a solid base before resuming its upward move.
As investors and traders monitor key support and resistance levels, Bitcoin’s ability to maintain its bullish sentiment This will be crucial in defining the next price action phase. All eyes remain on the market as it navigates this important juncture.
Bitcoin metrics support bullish continuation
Bitcoin is up nearly 50% since November 5, and despite signs of slowing price action recently, the outlook for the leading cryptocurrency remains bullish. After reaching new all-time highs, Bitcoin’s recent price consolidation is seen as a natural part of the market cycle, with many investors cautiously watching for more momentum to propel BTC past the $100,000 mark.
Top analyst and macro investor Axel Adler recently shared on-chain data on XReveals key insights supporting BTC’s bullish trend. One important metric he highlighted is BTC Value Days Destroyed (VDD), which tracks the activity of long-term holders.
Adler explained that the appearance of red bars in this indicator indicates that the market is nearing the end of its current cycle, suggesting a peak or trend reversal. However, so far, there are no red bars, which means the market is still in a healthy bullish phase.
This data confirms Bitcoin’s ongoing bullish outlook, even if the market remains somewhat skeptical of the continuation ahead. With VDD showing no signs of fatigue and no sign that the cycle is nearing its end, BTC looks poised to continue its upward trajectory in the coming weeks. Investors should be on the lookout for key resistance levels, but the lack of red bars indicates that the current rally has room to run.
BTC testing demand levels
Bitcoin recently bounced back to $90,800 after a failed attempt to break above the key $100,000 level. Despite this pullback, the price is holding steady above this important support level, indicating that BTC is poised to continue its upward momentum. The $93,800 mark has become an important short-term support, and if Bitcoin remains above this level in the coming days, the path to regaining the $100,000 resistance looks close.
However, if BTC loses the $90,000 support, there could be further consolidation below this level, pushing the price down and limiting short-term upside potential. This would suggest that the market is still testing its strength and could delay a breakout beyond $100,000.
For now, the market is uncertain, but if BTC can stay above the $90,000 level and push through $93,800, the bullish trend is likely to continue. Investors will be watching these levels closely to see if BTC can regain its momentum and reach new all-time highs soon.
Featured images from Dall-E, charts from TradingView
