Bitcoin Awaits Catalyst as On-Chain Signal Hints at $94K Upside

Bitcoin is still in consolidation, with the price showing signs of a potential turning point. According to analysts, the next decisive move could come as technical signals align. External catalysts are now drawing attention, which could determine whether the next phase pushes prices higher or brings renewed pressure.

At press time, BTC is trading at $90,996, with a 24-hour trading volume of $53.54 billion and a market capitalization of $1.80 trillion. It has risen 0.14% in price over the last 24 hours, representing slight gains with no significant push in either direction.

Source: CoinMarketCap

Bitcoin Awaits Major Price Move

Prominent crypto analyst, Crypto Rover, has pointed out that Bitcoin currently changes hands within a very narrow price bracket. According to him, the main support lies at $89,800, while key resistance lies just above $91,200.

Source: X

He said this could pave the way for BTC to move towards the yearly open around $87,600. On the other hand, a convincing upside break above $91,200 could propel Bitcoin towards $94,000 as the next upside target.

Attention now shifts to upcoming macroeconomic releases. Among reports that could lead to fresh price action is the U.S. unemployment data later in the week. Analysts say this dataset may provide the catalyst BTC needs to break out of its trading range.

Also Read | Bitcoin Price Prediction: Strong Q1 Move Possible as BTC Approaches $90K Liquidity

Bitcoin Rally Signal Appears Again

Meanwhile, another analyst, BATMAN, emphasized one of the key on-chain signals. He directed focus to the Bitfinex long/short ratio metric, one that has come to be a very reliable bottom indicator for BTC. Historically, any notable climbs in this ratio, coupled with its eventual rollover, have been preceded more often than not by strong upward price movements.

Source: X

The current ratio is at an all-time high in this market cycle and has just begun to trend lower. If history rhymes with today, this could be the beginning of a wider BTC rally in the coming days.

Also Read | Bitcoin (BTC) Slips Below Key 50-Day EMA, Analysts Warn of $90K Retest