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Bitcoin price saw heavy buying in the $84,000 area, which could turn the price into an important support level.
Strong accumulation at $84,400:
Glassnode data shows that approximately 300,648 BTC were purchased between prices of $84,375 and $84,635, which was the highest accumulation area during the recent decline, making it an attractive point for long-term investors.
Bitcoin briefly fell below $84,000 before recovering in price and is currently trading near $91,000.
The long-term SOPR of 1.40 also suggests that the market is more in a profit-taking phase than a consolidation phase.
Price rejected at a long trend line, resulting in a drop of over 36%.
The $80,000 level has held multiple times, but the current bounce (15%) is weaker than the previous bounce, which may indicate a decrease in the strength of this support.
Two barriers to advancement:
The chart shows price faces two technical hurdles:
- Three-year rising trend line.
- The fair value gap (FVG) is bearish on the weekly frame.
This area has turned into resistance and needs to be broken to regain momentum.
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