Bitcoin is currently trading around 94,500 USD, down significantly from its all-time high. Previously, Bitcoin had recovered to 97,000 USD but then quickly declined.

According to analyst Ali Martinez, the price range from 97,500 USD to 99,800 USD is a major obstacle for Bitcoin.

On-chain data shows that 924,000 wallets have purchased over 1.19 million Bitcoin in this range, creating significant selling pressure as the price approaches the 100,000 USD mark.

A successful breakout of this resistance zone could pave the way for a strong price increase, but if it fails, the cryptocurrency risks returning to test the important support level at 92,000 USD.$BTC $BTC