Bitcoin is showing remarkable resilience as it holds strong above the $92,000 demand level, reflecting a bullish structure in the face of recent volatility. Yesterday, the leading cryptocurrency surged to $99,400, signaling renewed momentum and increasing optimism among investors. This surge reaffirms Bitcoin’s ability to bounce back from local lows, maintaining its upward trajectory.
Top analyst Axel Adler shared valuable insights on X, highlighting that the current macro correction remains well within the acceptable range of historical price drawdowns. According to Adler, the local maximum drawdown sits at 11.7%, a figure that aligns with previous healthy corrections during bullish cycles. This suggests that Bitcoin’s price action continues to follow a predictable pattern, further strengthening the case for its sustained growth.
As BTC hovers near the critical $100,000 psychological level, market participants are closely monitoring its next moves. A decisive breakout above this threshold could mark the beginning of a new phase of price discovery while maintaining support at $92,000 underscores strong demand and confidence in the asset.
With macroeconomic conditions and on-chain metrics aligning favorably, BTC appears poised for further gains, keeping investors and analysts attentive to its evolving price dynamics.
Price Remains Strong
Bitcoin has shown remarkable resilience despite experiencing a recent 15% correction from its all-time high (ATH) of $108,364 to a local low of $92,100. While the correction sparked some uncertainty in the market, Bitcoin’s price remains strong and continues to hold crucial support levels. Analysts and investors are now closely monitoring the market for signs of where BTC could go next.
CryptoQuant analyst Axel Adler recently shared key insights, revealing that the current macro correction is well within the typical range of price drawdowns observed in Bitcoin’s previous cycles. According to Adler, the local maximum drawdown stands at 11.7%, which aligns with healthy correction patterns typically seen during bull markets.
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Author: Sebastian Villafuerte
