Will Bitcoin’s price move to $97K or $64K? Cost basis distribution says…

• Strongest resistance for Bitcoin sits at $97,828, the place 360,470 BTC have been collected
• Bitcoin usually bounces off the 50-week shifting common, which now stands at $74,700

Bitcoin’s [BTC] value foundation distribution chart highlighted two important ranges – Robust resistance at $97,828 and important assist at $64,078. On the resistance stage, about 360,470 BTC have been collected, making it a serious psychological and technical barrier.

Traditionally, the worth struggles to interrupt previous such high-density accumulation zones until there’s a surge in demand or a robust catalyst. A bull cycle or surge in ETF inflows may also be large catalysts for the aforementioned break.

Conversely, the $64,078 assist stage holds 194,530 BTC, indicating a considerable space the place consumers have traditionally stepped in to forestall additional declines.

As per the worth construction, Bitcoin rallied from $55,000 in September 2024 to peak above $108,000 in early 2025, showcasing sturdy momentum alongside the way in which.

Supply: X

The heavy shopping for strain within the $60,000 to simply beneath $75,000 vary prompt many traders acquired BTC on this bracket. The crypto’s newest retracement from highs close to $100,000 introduced BTC again in direction of the higher bands of this high-support zone.

If Bitcoin fails to reclaim $97k, it dangers additional corrections in direction of $75k earlier than retesting the $64k zone. A break beneath this stage would affirm additional draw back potential, probably dragging BTC to $55k.

Quite the opposite, a robust breakout above $97k may set off a renewed uptrend, concentrating on new highs above $108k.

The place will BTC strike first?

An additional evaluation revealed that Bitcoin’s historic pattern usually finds assist on the 50-week shifting common, which at the moment sits at $74.7k. The truth is, in every cycle, BTC has beforehand examined the MA after a robust rally, earlier than persevering with its upward trajectory.

For instance – Bitcoin approached this shifting common in 2015, 2019, and 2021, with every occasion resulting in a major worth bounce. On the time of writing, BTC had retraced from its current excessive close to $97,000, all whereas shifting in direction of the $74,700 assist zone. This, regardless of its current efforts at restoration.

Supply: X

If BTC holds above its present stage round $85k, a rebound and probably a retest of the $90k resistance may comply with. Nonetheless, if the crypto loses this assist, a deeper retracement in direction of $64k is probably going – A stage the place giant quantities of BTC have been collected.

A break beneath $64k would shift market sentiment bearish, doubtlessly triggering a much bigger correction. Conversely, reclaiming $97k and holding it as assist would enhance the likelihood of latest all-time highs past $108k.

With Bitcoin traditionally bouncing at this key shifting common, the following few weeks shall be essential in figuring out whether or not it continues its bullish cycle or enters a protracted correction part.