Bitcoin continues to trade between $93,000 and $110,000, an area analysts describe as a dense supply cluster and potential accumulation zone — www.naijnaira.com reports.
According to data shared by CryptoQuant and Glassnode, net unrealized losses inside this range have grown, yet long-term holders are refusing to offload their positions.
Despite pressure, on-chain behavior suggests investors remain committed, treating the range as an opportunity to add to their exposure rather than panic sell.
Market observers note that such resilience has historically created a platform for relief rallies, especially when demand gradually balances the supply flow.
The NVT golden cross, which compares network value to transaction activity, is sliding toward oversold territory.
“Whenever NVT approaches these levels, price has often been stretched relative to actual network utility,” analysts explained, hinting at a possible setup for recovery.
Still, traders are urged to look for confirmation signals such as higher transaction volumes and improving on-chain demand before anticipating a rebound.
If buyers fail to defend this supply zone, Bitcoin risks falling beneath $93,000 and testing lower supports in the near term.
For now, the cluster remains the key battleground that could decide Bitcoin’s next big move.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
