Bitcoin’s Price Encountering New Resistance
Bitcoin’s price is currently encountering new resistance as it approaches the on-chain average cost level for traders. According to CryptoQuant’s data, the range of $91,000 to $92,000 emerges as a critical zone that could slow down the price’s upward movement. This level, known as the “Trader’s Realized Price,” acts as a strong resistance point, especially when the market is under pressure.
Bull Score Data Questions Bitcoin’s Upward Momentum
CryptoQuant offers important data through its Bull Score Index, which indicates whether the market is in a bullish or bearish trend. Values above 60 reflect optimism and high buying appetite, while values below 40 signify a market that is uncertain and under pressure. Currently, the Bull Score remains below 60, leading to skepticism regarding Bitcoin’s upward movement.
Bitcoin Price Analysis
The low Bull Score continues to undermine traders’ confidence. Even if prices rise, the market structure remains cautious. These data suggest that price movements lack support, volume is insufficient, and the rising trend is based on weak foundations. The $91,000 to $92,000 range is perceived not only as a technical resistance but also as a psychological threshold.
Price Is Stuck at Traders’ Average Buying Level
Trader Realized Price represents the average trading costs on-chain. Historically, this level has acted as support during bull markets while becoming a strong resistance point in bear markets. Current data indicates that the market still exhibits bearish characteristics, struggling to surpass this level. The cost level, depicted by the pink line on the chart, marks one of the points where Bitcoin paused in 2021 and 2022. This historically suggests that investors tend to sell at this level. Therefore, the $91,000 to $92,000 zone represents not only resistance but also a decisive area for directional search.
For the Bitcoin market to regain strength, a significant breach of this level is necessary. Otherwise, selling pressure that builds up in this region could trigger a new correction in the short term.
