Why Bitcoin Could Target $96.7K as On-Chain Money, Not Leverage, Leads the Rally

Key Takeaways

• Leverage has cooled, but profit-taking is running above normal ranges.
• New on-chain money and profit-taking could drive the price to $96.7K.
• Recent buyers are holding onto their coins, which could carry the price to $96.7K if they keep holding.
• If they sell into resistance, profit-taking could turn demand into supply.

Market & Token Impact

• The sell wall at $85,000 is a significant resistance level that buyers must absorb before the price can climb through.
• New on-chain money is arriving, which could provide the necessary demand to push the price to $96.7K.
• Profit-taking is running above normal ranges, indicating a shift in market dynamics.
• Leverage has cooled, but it's not disappearing, and futures positioning is still moderate and rising.

Broader Context & What's Next

• The market is shifting from leverage-driven rallies to on-chain money-driven rallies.
• Recent buyers are holding onto their coins, which could carry the price to $96.7K.
• If they sell into resistance, profit-taking could turn demand into supply.
• The next major resistance level is near $96.7K, which is the mean Market Value to Realized Value (MVRV) price.
• The market will continue to watch the interplay between on-chain money, profit-taking, and leverage to determine the next move.