Bitcoin Grinds Against Key Resistance Wall — Can Bulls Smash Through $100K?
Bitcoin’s price action is coiled like a spring inside a critical supply zone—the kind that either launches parabolic rallies or triggers brutal rejections. Traders are eyeing the $100K psychological barrier as the next make-or-break level.
Technical analysts point to on-chain data showing massive clusters of dormant coins waiting to be dumped at these levels. Meanwhile, institutional inflows keep climbing—because nothing says ’prudent investing’ like chasing a volatile asset after a 300% run-up.
The coming weeks will test whether crypto’s liquidity moat can swallow this sell pressure whole. Either way, buckle up—volatility doesn’t take coffee breaks.
‘Pretty Much Blue Skies Above $100’ For BTC – Analyst
In his recent post on the X platform, prominent crypto analyst Checkmate shared an interesting on-chain insight, saying that the Bitcoin price is “working its way” through the $93,000 and $100,000. This on-chain observation is based on the supply distribution heatmap, which shows the concentration of coins acquired at different price ranges.
The deep red shades on the distribution heatmap represent high volumes of coin activity, indicating that large clusters of investors have their cost bases in this price range. These cost bases clusters act as psychological and technical resistance zones, as investors are likely to sell when prices return to their purchase prices.
As shown in the chart above, there is a significant supply barrier for the Bitcoin price in the $93,000 – $100,000 region. This suggests that the premier cryptocurrency faces significant potential selling pressure due to investors looking to break even after being in the red for so long.
Interestingly, the distribution heatmap shared by Checkmate shows that beyond the $100,000 threshold, the Bitcoin supply significantly declines. This suggests low historical buying activity (lower coin amounts being held) above this price level, meaning relatively less significant resistance.
Ultimately, a breach above the $100,000 mark could be the beginning of a strong upward rally for Bitcoin price, as Checkmate noted that “blue skies” is what lies beyond the psychological price level. However, failure to break out of the $93,000 – $100,000 region could result in another extended consolidation period.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $96,680, reflecting no significant movement in the past 24 hours. According to CoinGecko data, the flagship cryptocurrency is up by more than 2% on the weekly timeframe.
