BTC price has been very stable over the last 24 hours. It has remained flat, without significant increases or decreases. The foremost digital asset is now priced at $108,154 after a slight increase of 0.24% today. Trade analysts remain focused on potential key support areas. These zones may determine Bitcoin’s short-term price direction as uncertainty continues to grip the market.

Bitcoin price has been fighting to reclaim the top of a descending consolidation channel after being rejected from above the $110,000 price level. Its price action stability is still solid on the back of massive support levels. These levels indicate a lot of buying interest. As we’ve seen historically, they’re a pretty good buffer against bearish price action. From the market’s perspective, we’re in the middle of an intense battle between bullish and bearish guards. Longtime support levels are proving pivotal in this ongoing fight.

Key Support Zones for Bitcoin

Bitcoin’s on-chain data can give us the key support areas Bitcoin may respond to and shape its price movement. There is a deep area of interest between $104,982 and $108,190. Within this range, 1.68 million unique addresses purchased a collective 1.28 million Bitcoin, with an average purchase price of $106,738. This concentration of buying activity serves to make the $106,700 range a powerful near-term support level.

A deep support level means that a lot of long-holders will be willing to fight for their turf. This move is an important step to prevent the price from going into negative territory. In practice, however, these zones have functioned as a massive protective barrier. This isn’t disaster selling. Investors who bought Bitcoin at these levels are not panicking and selling at a loss. This buying can lead to a self-fulfilling prophecy by supporting the level further with ongoing buying pressure.

The next important support area lies from $95,247 to $98,566. In this timeframe, 1.7 million addresses earned 1.25 million Bitcoin at an average price of $96,901. This price point is just one more major threshold where buyers are apt to jump in and support prices.

Market Sentiment and Risk Assessment

Currently, an astounding 89.36% of all Bitcoin addresses are “in the money.” That’s because the majority of these holders have only acquired their Bitcoin at a price less than today’s market price. This high percentage suggests that most investors are in a comfortable position and less likely to panic sell during minor price dips. On the flip side, 10.36% of Bitcoin addresses are in the money today. Against this backdrop, new data from the distribution of current holders shows a clear picture of who is currently underground.

Unless Bitcoin convincingly falls below these key support points, the chances of triggering a mass panic sell-off is more unlikely than likely. The well-entrenched opposition zones form a reassuring safety umbrella. The majority of addresses are in profit, which provides a buffer against extreme sell-side pressure. On the downside, a clear price close under $96,901 would indicate strong bearish will, likely setting up a deeper sell-off.

Adding to the market’s uncertainty, Bitcoin’s daily trading volume is down 27.09% at $31.04 billion. The decline in trading volume reflects that investors have little conviction. This uncertainty is forcing the price to linger on the sideline.