Recent data indicates that globally there are 2.76 million addresses that purchased a total of 2.1 million Bitcoins at an average price of $97,100, creating a large demand zone below the current price. If the market faces further downward pressure, this price range is likely to become a strong support level.
From a technical perspective, the formation of such demand zones usually means that once the price retraces to this area, buying will quickly enter, supporting a price rebound. In other words, this area not only attracts a large number of investors but may also provide Bitcoin with a relatively safe defense line. If the price falls to this range, a rebound is expected in the short term.
However, it is important to note that market sentiment and external factors (such as policy changes, macroeconomic data, etc.) may affect the validity of this support level. In the short term, investors can closely monitor whether the price can stay above this area to determine if the market has really formed support.
What do you think about the formation of this kind of demand zone? Will it become real support, or could the market continue to decline further?
