The new record high for Bitcoin may soon be reached amid recent volatility. Data indicates that BTC is currently fluctuating around a critical price range between $97,500 and $99,800, where over 924,000 addresses previously acquired more than 1.19 million BTC.
In this context, renowned cryptocurrency analyst Ali Martinez referred to this area as a "brick wall" due to the significant amount of bitcoins accumulated at these levels.
“If BTC can break above this level, we could see new all-time highs in the near future,” he noted.
The data breakdown reveals that wallets holding approximately 583,460 BTC are currently profitable, making up 18.77% of the market. On the other hand, 2.52 million BTC, or 81.09%, are being held at higher levels in anticipation of a price recovery, while at least 4,400 BTC are at the breakeven point.