Bitcoin is currently holding just above the $108,000 level and bulls are maintaining momentum after a volatile start to July. However, a closer look at on-chain data shows how fragile that position might be.
Interestingly, two support levels, $106,738 and $98,566, are now the most important zones for bulls to defend. These levels represent clusters of addresses holding large amounts of Bitcoin, and losing them could trigger a deeper correction.
Bitcoin’s Support Clusters Around $106,000 And $98,000
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Taking to the social media platform X, crypto analyst Ali Martinez pointed to two major support levels based on data showing Bitcoin’s purchase clusters. This data is based on Sentora’s (previously IntoTheBlock) In/Out of the Money Around Price metric among addresses that bought Bitcoin close to the current
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