BTC’s Wild Ride! 🎢 Will it Crash or Moon? 🚀

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Ah, Bitcoin. That digital enigma that keeps traders and analysts in a perpetual state of nail-biting suspense 😱. The price, as usual, is doing its best impression of a caffeinated kangaroo, zigging and zagging with reckless abandon.

According to those clever chaps at CryptoQuant (who, let’s be honest, probably have a crystal ball hidden somewhere), if Bitcoin decides to defy gravity and keep climbing, we should all keep a watchful eye 👀 on the $84,000 and $96,000 levels. Apparently, these were once the cool kids’ hangout spots for “significant support” earlier in this… *gestures vaguely*… cycle.

If Bitcoin keeps climbing, watch $84K and $96K.

Both levels were support earlier this cycle, but now risk flipping into resistance if momentum fades.

— CryptoQuant.com (@cryptoquant_com) April 11, 2025

However, in a twist worthy of a Douglas Adams novel, there’s a distinct possibility that these once-friendly levels might turn into grumpy old resistance zones. Especially if Bitcoin’s momentum decides to take an early tea break ☕. The nerve!

This week has been a rollercoaster 🎢 of crypto price volatility, naturally. On Wednesday, Bitcoin decided to take a nosedive from $83,583 to a five-month low of $74,553. But, being the drama queen it is, it then staged a comeback worthy of a Hollywood blockbuster on April 9.

Technically speaking (and who are we kidding, most of us aren’t), Bitcoin’s price bounced back after touching its 365-day moving average (MA). Apparently, this MA has been a reliable support level in both this and previous market cycles. CryptoQuant (those crystal ball enthusiasts again) noted that Bitcoin seems to have found support near its 365-day MA, which is around $76,100. Apparently, this moving average has been used as support in August 2024, July 2021 and December 2021. A sustained dip below this MA would herald the official beginning of a bear market. Oh dear 🐻.

Key levels highlighted

As of now, Bitcoin has perked up a bit, rising 0.8% in the last 24 hours to $82,160. If it continues its upward trajectory, it might encounter resistance at $84,000, followed by $96,000. These levels, which define the lower band of the Trader’s Realized Price, acted as price support during this bull cycle. But now, they might just be a bit resistant if bullish conditions don’t improve. History, as they say, tends to repeat itself. In the past it has even been shown to rhyme.

On the flip side, if Bitcoin decides to take another tumble (because why not?), it might retest those key support levels. According to Glassnode’s Cost Basis Distribution (which sounds like a particularly dry economics lecture), Bitcoin has built notable support at $79,000, with about 40,000 BTC accumulated there. BTC has also worked through the $82,080 cluster, where 51,000 BTC are positioned. If this level holds, the next challenge will be $83,500, where 48,500 BTC are located. 

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2025-04-11 18:32