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Cryptocurrency analysis company Alphractal has highlighted that Bitcoin is at a critical turning point in its latest assessment. According to the company’s analysis, despite the recent rise in prices, no significant change has yet been seen in on-chain data.
Emphasizing that Bitcoin currently has a critical point at $92,500, Alphractal stated that this area coincides with the “Short-Term Realized Price” level and that staying above this level is vital in terms of changing market sentiment.
“This is a very sensitive area where bulls and bears will fight a tough battle. Both short-term and long-term Realized Market Cap Momentum indicators are at support levels. This explains the recent price action. However, it will take a few more days to see if there is a real shift in on-chain behavior and risk appetite of big whales,” the company said.
According to Alphractal, while the bulls will try to push prices as high as possible, the bears will defend the area just above $92,500. This environment of tension creates a complex market structure that is likely to pave the way for forced liquidations of leveraged positions, especially with Open Interest exceeding $10 billion in just a few days.
*This is not investment advice.
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