BTC hovers around 93K, three key price levels determine the next move

From on-chain data analysis, Bitcoin is currently at a critical technical junction. The current price is around $93,180, with significant room both above for resistance and below for support, providing important reference points for short-term directional judgment.

Upper Resistance: Double Barrier

From a technical perspective, $114,650 is the immediate key resistance. This price level corresponds to the average cost basis of investors who have bought within the past three months. This group is sizable; they have positioned themselves at relatively high levels, and once the price returns to this range, selling pressure is inevitable—many will choose to reduce their holdings or take profits near breakeven.

Looking further up, $101,000 is another stronger resistance zone. This area consolidates the cost basis of long-term holders with roughly half-year holding periods. These investors have longer positions and are highly sensitive to price movements. Once this level is reached, their willingness to push for new highs and the potential for sell-offs will significantly increase.

Lower Support: Long-term Holders’ Defense Line

In contrast, $81,700 forms a relatively solid defensive position. Investors holding coins for 12 to 18 months have a cost basis around this level, representing a fairly stable fundamental support. These investors have experienced sufficiently long cycles, with stronger psychological resilience, and tend to hold through corrections rather than panic sell when prices return to their cost basis.

In other words, the probability of panic selling below $81,700 is relatively low, and this level is likely to serve as a strong support.

Significance of the Current Situation

From the position of around 93K, Bitcoin is essentially in a “dilemma”—it needs to break through the double psychological barriers of holders upward, while downward support comes from long-term holders. This means that in the short term, the price may repeatedly test these key levels until one side’s force completely overcomes the other.

For traders, these cost basis zones are not just simple numbers but represent the psychological expectations of investors with different holding periods and potential market behaviors. Every time the price approaches these levels, it may trigger a shift in market participants’ decision-making.