Bitcoin Holds Steady Near $97K, Eyes Next Move

Bitcoin's price has been consolidating near the $97,000 mark, demonstrating resilience despite minor fluctuations. Recent on-chain data and technical indicators suggest that BTC remains in a strong position, with key resistance and support levels set to determine its next move.

The MVRV (Market Value to Realized Value) Extreme Deviation Pricing Bands indicate potential upside for Bitcoin. At press time, BTC was trading near the +1.0 band, which historically signals strong price momentum. While BTC has briefly touched the upper deviation bands, a break above this zone could push the price towards new highs. However, a rejection could lead to a short-term correction towards the mean pricing level, with the strongest support level currently around the $93,000 price level.

The UTXO Realized Price Distribution (URPD) chart highlights key support zones for BTC. A significant volume of transactions has occurred between $90,000 and $101,000, suggesting strong support and making BTC less likely to drop below $90,000 without substantial selling pressure. Conversely, the distribution also shows resistance forming above the $101,000 mark, indicating that Bitcoin will need strong bullish momentum to break higher.

From a technical standpoint, Bitcoin's price action remains steady, trading slightly below the 50-day moving average of $98,801. The 200-day moving average provides a strong long-term support base at $80,021. While the current price is facing resistance, the bullish structure remains intact, suggesting that Bitcoin could attempt another leg up if buyers regain control.

Bitcoin's current market positioning presents both opportunities and risks. The MVRV bands suggest a potential for further upside, while the UTXO realized price distribution highlights key support and resistance levels. A break above $101,000 could open doors to higher valuations, while a failure to hold support at $90,000 might trigger short-term bearish sentiment. Traders should watch these levels closely as Bitcoin enters a decisive phase.