Bitcoin is poised for further gains as it targets $92,000, contingent on breaking through the $84,000 resistance. On-chain metrics, including the short-term holder (STH) cost basis, suggest room for growth, with Bitcoin currently above its STH cost basis of $79,000, according to Glassnode. Historically, surpassing this level has led to extended recovery phases, encouraging investors to hold or increase positions. Analysts highlight the importance of overcoming the $82,000 to $84,000 supply zone, with significant sell orders concentrated in this range. Michael van de Poppe of MN Capital identifies $84,000 to $86,000 as a critical resistance zone, with potential for Bitcoin to reach the 50-week moving average near $90,000 if breached. The current rally reflects a broader trend, with past patterns showing similar upward movements when key on-chain levels are reclaimed.
Bitcoin Eyes $92,000 Target Amid Key Resistance Levels
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