Bitcoin Supports Near $95K Despite Recent Dip

The recent stagnation of Bitcoin's price, after reaching a historic high in May, has caused some concern among traders. The cryptocurrency faced downward pressure, dropping near $101,000 on June 6. While there was a slight recovery over the weekend, a notable blockchain analysis company highlighted key support levels if Bitcoin revisits the $100,000 mark in the near future. Sentora, formerly known as IntoTheBlock, employed on-chain data to identify significant support zones based on investor cost bases and coin distribution. Their analysis indicates strong support between $95,000 and $99,000, largely due to accumulated holdings at these levels. An endorsement of this support could trigger a prolonged upward trend, whereas failure to hold this support might lead to increased volatility. Currently, Bitcoin is trading just above $104,400, reflecting a 3% gain over the last day. The critical support zones identified suggest that if Bitcoin dips further, it might find strong backing in the $95,000–$99,000 range, backing the possibility of a rebound or continued strength in the medium term.