Bitcoin's ‘momentum Is Igniting,’ But These Are BTC Price Levels To...

Bitcoin market participants saw the yearly open at $93,000 and above as particularly important heading into the weekly close.

Bitcoin (BTC) analysis has mapped out key BTC price levels to watch going into the weekend, with a focus on the yearly open above $93,000.

Key Bitcoin price levels above and below the spot price are here as BTC is about to close the week.

The weekly close makes reclaiming $93,000 all the more important to confirm the recovery.

Bitcoin may have delivered an impressive bounce from $84,000 to start the week, but the bullish sentiment was dampened by supplier congestion from the yearly open around  $93,000.

Data from CryptoQuant shows that the BTC/USD pair is trading below the average realized price (cost basis) of most age groups, signalling instability, according to CryptoQuant analyst Darkfost.

Related: Bitcoin unlikely to replicate January’s surge to new high: 21Shares founder

“The first area we want Bitcoin to reclaim is the realized price of the youngest LTH band,” Darfost said in an X post on Friday, referring to the cost basis of six to 12-month-old BTC holders around $97,000.

“This level marks the transition between STH and LTH,” the analyst wrote, adding:

Failure to close above $97,000 would mean “caution remains necessary,” Darkfost added.

Source: CoinTelegraph