Bitcoin’s price has consolidated near the key support level of $93,300, with resistance at $101,641 and $106,272. On-chain metrics show mixed signals, but NVT and NVM ratios suggest strong network value.
The MVRV Pricing Bands indicate $93,300 as a crucial support level for Bitcoin’s next move. If this level holds, the market could experience further upside, particularly if buying pressure increases. However, a breakdown below the ascending trendline might trigger losses.
Bitcoin has been forming a higher low pattern, signaling growing bullish momentum. But volume remains a key factor for confirmation. Increased volume could lead to a strong breakout, while weak volume may indicate further consolidation before any significant move.
On-chain data shows a slowdown in network activity, with declines in new, active, and zero-balance addresses over the past week. This suggests a cooling-off phase but does not necessarily indicate bearish sentiment. Historically, Bitcoin’s price surges have often followed periods of reduced address growth as accumulation occurs before the next wave of new users.
Transaction statistics reveal a mixed outlook, with large transfers declining and mid-sized transactions dropping further. Even smaller transactions under $1K saw significant reductions, reinforcing the decline in activity. Reduced whale transactions could suggest a stabilization phase before the next major price movement.
The Network Value to Transactions (NVT) ratio jumped +20.4%, suggesting that Bitcoin’s market cap is rising faster than its transferred volume. This increase could indicate overvaluation, but it may also reflect growing investor confidence leading to a sustainable uptrend.
Ultimately, Bitcoin’s technical structure and on-chain metrics suggest $93,300 remains a crucial support level. The next move for BTC will depend on volume and momentum. A breakout above $101,641 could push the market higher, while a breakdown below the trendline might trigger further losses.
Source: https://ambcrypto.com/bitcoin-consolidates-at-93-3k-where-will-btc-head-next