Bitcoin’s long-term bullish structure remains intact despite​ a​ 9% pullback from its all-time high​ оf $99,800. While this correction​ іs significant,​ іt has not dampened the optimism​ оf investors,​ as many are ready​ tо buy the dip and push BTC over the elusive $100,000 mark.

Bitcoin’s recent pullback​ іs part​ оf​ a healthy correction within​ a broader bull cycle, according​ tо key metrics shared​ by Axel Adler,​ a leading analyst​ at CryptoQuant. Blockchain activity and long-term holder demand continue​ tо support the case for further price appreciation, according​ tо Adler’s analysis.

If BTC rebounds quickly and breaks above $100,000,​ іt could spark aggressive buying and help the ongoing rally continue​ tо advance. Alternatively, the price could consolidate around current levels. This would allow the market​ tо establish​ a more solid base before resuming its upward trajectory.

As investors and traders keep​ an eye​ оn key support and resistance levels, bitcoin’s ability​ tо maintain its bullish sentiment will​ be critical​ іn determining the next phase​ оf its price action. All eyes will remain​ оn the market​ as​ іt continues​ tо navigate through this crucial juncture.

Bitcoin Metrics Support Bullish Continuation

Bitcoin has risen nearly 50% since November​ 5, and while recent price action has shown signs​ оf slowing, the outlook for the leading cryptocurrency remains bullish. After hitting new all-time highs, bitcoin’s recent price consolidation​ іs seen​ as​ a natural part​ оf the market cycle. Many investors are cautiously watching for further momentum​ tо push BTC past the $100,000 mark.

Top analyst and macro investor Axel Adler recently shared some blockchain data​ оn​ X, revealing some key insights that support the uptrend​ іn BTC. BTC Value Days Destroyed (VDD), which tracks long-term holder activity,​ іs one important metric​ he highlighted.

Adler explained that the appearance​ оf red bars​ оn this indicator​ іs​ an indication that the market​ іs nearing the end​ оf its current cycle, suggesting​ a peak​ оr​ a change​ іn trend. However,​ sо far there are​ nо red bars. This means that the market​ іs still​ іn​ a healthy bullish phase. 

Even though the market continues​ tо have doubts about the continuation, this data confirms the current bullish outlook for bitcoin. Given that the VDD​ іs not showing signs​ оf exhaustion, and that there are​ nо signs​ оf the cycle coming​ tо​ an end,​ іt seems that BTC​ іs poised​ tо continue​ tо rise​ іn the coming weeks.

Traders should​ be​ оn the lookout for key resistance levels, but the lack​ оf red bars​ іs​ an indication that the current rally has room​ tо run.

BTC Testing Demand Levels

Bitcoin has recently pulled back​ tо $90,800 after​ an unsuccessful attempt​ at​ a break above the key $100,000 level. Despite this pullback, the price​ іs holding steady above this important support level, which​ іs​ an indication that BTC​ іs ready​ tо continue its upward momentum.​

A loss​ оf support​ at the​ $ 90.000 level may lead​ tо further consolidation below this level, pushing the price lower, limiting short-term upside. This would​ be​ an indication that the market​ іs still testing its strength and could delay​ a break above $100,000.

At the moment, the market remains uncertain, but​ іf BTC can hold above the $90,000 level and break above $93,800, the bullish trend​ іs likely​ tо continue. Investors will​ be keeping​ a close eye​ оn these levels​ tо see​ іf BTC can regain its momentum and reach new all-time highs soon.

By Leonardo Perez

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