The BTC's price struggles to break past such high-density accumulation zones unless there is a surge in demand or a strong catalyst. A bull cycle or surge in ETF inflows can also be huge catalysts for the aforementioned break.
The heavy buying pressure in the $60,000 to just below $75,000 range suggested many investors acquired BTC in this bracket. The crypto’s latest retracement from highs near $100,000 brought BTC back towards the upper bands of this high-support zone.
A further analysis revealed that Bitcoin’s historical trend often finds support at the 50-week moving average, which currently sits at $74.7k. In fact, in each cycle, BTC has previously tested the MA after a strong rally, before continuing its upward trajectory.
If BTC holds above its current level around $85k, a rebound and possibly a retest of the $90k resistance could follow. However, if the crypto loses this support, a deeper retracement towards $64k is likely – A level where large amounts of BTC were accumulated in the past as well.
As of now, at the time of writing this article, BTC is being traded around $84,400 on various leading exchanges and has seen a jump of 3.35% in its price in the past 24 hours and stands with a market capitalization of $1.67 Trillion.