Bitcoin’s supply mapping indicated “strong activity” in April from first-time buyers, indicating fresh capital injections in the market at higher prices. Long-term holders (those holding for more than 155 days) increased their allocation by 363,000 BTC since February, while Bitcoin whales and sharks have absorbed 300% of the yearly issuance. Despite this week’s price breakout, Bitcoin researcher Axel Adler Jr.noted that the last strong resistance remains at $96,100.
In an X post, the analyst said, “At the $96K level, there will be the final resistance from the cohort holding coins for 3-6 months, after which the next target of $100K opens up.”Bitcoin realized price analysis.Source: X.comRelated: Why is Bitcoin price up today? 392,000 Bitcoin at $97K could trigger a sell-offAccording to Bitcoin’s cost basis distribution data, investors hold approximately 392,000 BTC at an average cost basis of $97,000, creating a potential resistance zone.
The chart indicated continued strength, with three price targets: $131,500 (target 1), $144,900 (target 2), and $166,700 (target 3). This Wyckoff pattern points to possible accumulation by large players, signaling an upward trend for Bitcoin, as the market absorbs supply and prepares for an uptrend.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
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