Bitcoin, the leading cryptocurrency, has recently shown signs of recovery after a period of consolidation. In recent weeks, BTC's price action has started to rise, suggesting the possibility of a rally that could drive the cryptocurrency towards the much-anticipated $100,000 mark.
This movement has generated new optimism among investors, as a significant price increase could bring considerable profits to those holding Bitcoin.
Bitcoin investors are eager for profits
The MVRV ratio (Market Value to Realized Value) has recently recovered from the average line of 1.74, which has historically been a strong confidence point for Bitcoin. When this ratio recovers from the 1.74 level, it often signals the early stages of a bull market. This market structure closely mirrors what was seen during the previous consolidation phase in 2024, which culminated in a peak during the yen-carry-trade unwind in August.
After this, Bitcoin experienced a sharp price jump in September 2024, validating the bullish signal provided by the MVRV ratio. As the asset's price approaches this key level again, there is potential for similar price action.
Bitcoin MVRV Ratio. Source: Glassnode
The overall macro momentum of Bitcoin is also supported by strong investor demand. According to IOMAP (In/Out of the Money Around Price) data, approximately 649,600 BTC, valued at over $61.6 billion, were bought between $95,193 and $97,437. This large accumulation by investors establishes a solid support level for the token, should BTC investors avoid selling immediately to break even. BTC could rise further if greed leads these investors to hold rather than sell immediately.
Combined with the first signs of a bull market and the demand for gains, Bitcoin could reach the resistance of $98,000, validating the profitability of $61.6 billion in BTC bought at these levels and securing the range as support. The increasing number of buyers in this range creates a solid foundation for the asset's price to rise further.
Bitcoin IOMAP. Source: IntoTheBlock
BTC price aims for breakout
The price of Bitcoin has shown a short-term upward trend over the past three weeks, currently trading at $94,748. Although the coin consolidated below the $95,761 level last week, it is poised for a potential increase. The positive momentum indicates that the asset could break through the current resistance and continue its upward trajectory.
If Bitcoin can secure $95,761 as support, it may begin its ascent towards $98,000. Breaking through this resistance would open the way for the asset to reach the next key level of $100,000, which remains a major psychological barrier for investors. With strong support levels and positive market sentiment, the token could reach these milestones sooner than expected.
Bitcoin Price Analysis. Source: TradingView
However, if Bitcoin fails to surpass $95,761 and drops through the support at $93,625, it may face a decline to $91,521. This drop would invalidate the short-term bullish outlook, signaling potential market weakness. A reversal at these levels would require close monitoring of market conditions to determine the next potential price movements.
The article Bitcoin (BTC) Forecast: Profit Pressure Could Trigger New High? was first seen on BeInCrypto Brazil.
