Bitcoin Surges to $87,392, Reaches New Price High Since January
Bitcoin's price surge continued this week, reaching $87,392 on January 29, its highest level since then. The rally paused briefly before returning to a dense buyer range between $85,000 and $86,500.
According to Bitfinex analysts, holding this range is crucial for the current momentum. Approximately 633,000 BTC changed hands in this zone, making it the largest cluster of buyer cost data on record for this rally.
As prices climbed over four trading sessions, about 2.95 million BTC moved into profit. Meanwhile, supply held between $80,500 and $82,500 decreased from 252,000 BTC to 170,000 BTC per $1,000 price band.
Chart analyst Ali Charts identified a double bottom pattern in Bitcoin's recent move, with the $82,500 neckline expected to hold as support. If this level holds, Ali Charts set a target of $100,000.