Key Insights
- •Bitcoin maintains strong support at $105K, forming higher lows and signaling a possible breakout ahead.
- •Trading volume exceeds $63 billion, showing active market participation during price consolidation phase.
- •Long-term holders take profits, while Bitcoin marks 17 years since the release of its whitepaper in 2008.
Bitcoin is currently trading above the $105,000 level, holding steady after a series of higher lows. Traders are watching for a possible breakout toward $130,000, as market activity increases and volume remains high.
Support Levels Hold Firm as Price Builds Strength
Bitcoin has remained above the $105,000 mark, a level that some analysts consider to be acting as support. The consistent support above $105,000 is seen as a “textbook” bullish setup. This follows a pattern of higher lows, suggesting steady buying at lower levels.
The weekly chart shows consolidation just below recent highs. This pattern has often led to strong price movements in past cycles. Traders are now focused on the $130,000 level, which could be the next resistance if momentum continues.
Bitcoin is up 1.33% in the last 24 hours and trading at $109,987. The 24-hour trading volume exceeds $63 billion, indicating robust activity across exchanges. The rising volume alongside stable prices supports the current consolidation pattern. Analysts continue to monitor how long Bitcoin can hold above $105,000 before attempting a move toward $130,000.
Long-Term Holders and Bitcoin Whitepaper
Meanwhile, Long-term Bitcoin holders have started to sell into the recent price rise. Investors are using the current price range to realize profits. Analyst Adler noted that until the selling pressure from this group declines into the “2–1 zone, the market may remain limited in its upward potential.
This profit-taking behavior is not unusual during market rallies. The pace at which supply from long-term holders is absorbed will likely shape Bitcoin’s next move. If buying continues to meet this supply, price levels may hold or climb further.
Additionally, today marks 17 years since the release of the original Bitcoin white paper by Satoshi Nakamoto. The document, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," was shared on October 31, 2008. The anniversary comes at a time when Bitcoin is trading near all-time highs. It is a reminder of the cryptocurrency’s early beginnings and its ongoing role in global finance.