Bitcoin at Risk of Reversing Bull Run if Key $97,000 Level Fails to Hold

Bitcoin is retesting the $100,000 price level after a 2.22% decline in the past 24 hours.

Data from IntoTheBlock shows that 73% of addresses that bought Bitcoin at the current trading range are in profit, and a significant portion of these addresses hold around 1.36 million BTC.

Despite concerns, market sentiment remains optimistic, with 60.94% of traders on Binance betting on the upside. A buy signal from the TD Sequential indicator on Bitcoin's four-hour chart could lead to renewed buying pressure and a retest of the $106,000 level.

Bitcoin's price movement is a stark contrast to traditional financial markets.

While the S&P 500 closed down 1.5% in its last trading session , Bitcoin added nearly $5,000 to its value from the recent low point.

This divergence in performance has caught the attention of market analysts, who project potential new highs within the next two weeks

However, some analysts are cautioning that the bull market could be at risk if the key $97,190 support level fails to hold .

Data from IntoTheBlock shows that 73% of addresses that bought Bitcoin at the current trading range are in profit, with a significant portion of these addresses holding around 1.36 million BTC