#BTCBackto100K Observe these Bitcoin price levels as BTC reaches a "decision point"

The price of Bitcoin is in a struggle between bulls and bears, with strong resistance at $98,000 and several support levels below.

Observe these Bitcoin price levels as BTC reaches a "decision point"

Market Analysis

Key points:

Bitcoin failed to break the $98,000 resistance due to an increase in profit-taking.

The price of BTC needs to close above $95,000 on the daily chart for momentum towards $100,000.

The price of Bitcoin

BTC

€83,093

failed to surpass the resistance at $98,000 on May 3. Since April 22, BTC prices have formed daily highs between $93,000 and $97,900, but couldn't close above $97,440.

Four-hour BTC/USD chart. Source: Cointelegraph/TradingView

The price action of Bitcoin has been choppy and within a narrow range over the past few days. With high profit-taking and a large amount of supply at a profit, the markets could experience volatile price swings towards key BTC price levels in the coming days.

Profits realized above "statistical levels"

Glassnode senior researcher, CryptoVizArt.₿, said that the surge of Bitcoin to the $93,000-$96,000 range has "pushed the profit-taking volume above statistical levels."

In other words, the Realized Profit/Loss ratio shows that the volume of Bitcoin sold at a profit exceeds historical norms. This suggests increased selling activity from investors locking in profits, which often signals potential market peaks and increased selling pressure.

The chart below indicates that "for every dollar realized in loss, more than $9 were realized in profit!" CryptoVizArt.₿ explained, adding:

"The fact that the price is still above $93,000