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The release of the U.S. Consumer Price Index data has caused fluctuations in Bitcoin’s price. After briefly dipping below $93,000, Bitcoin 
$107,490 is attempting a rapid recovery to surpass $97,000 once again. The price volatility in the last 24 hours resulted in approximately $75 million in liquidations, with experts closely monitoring whether Bitcoin will break through the critical resistance level of $97,530.
Key Support and Resistance Levels
Analyst Ali Martinez identifies the $97,530 level as a critical resistance point. He indicates that breaching this level could have positive effects on the price, while the support level below $92,110 is described as a sensitive area. Martinez warns of increased risks in the $90,000 to $70,000 range, advising investors to tread carefully as these levels approach.
Another analyst, Rekt Capital, highlights the resistance level near $97,700. A daily close above this point could reinforce the bullish trend. Additionally, an increase in trading volume in conjunction with price movements may signal positive momentum for market participants. However, liquidation data indicates rising risks, particularly for long positions.
Whale Movements and Wallet Analysis
Blockchain analysis firm Santiment reports that small investors are withdrawing from the Bitcoin market, which could positively impact prices in the medium to long term. The reduction of exchange deposits by large investors, known as “whales,” may increase buying pressure on Bitcoin.
Matthew Sigel, Head of Digital Assets at VanEck, asserts that a proposed Bitcoin reserve offering could create a buying pressure of $23 billion. This action is expected to have the potential to trigger the acquisition of a total of 247,000 BTC.
Investors are closely monitoring support and resistance levels under current market conditions to reassess their strategies. The increase in daily trading volume and whale purchases could provide crucial insights into the market’s direction in the coming days.
