Bitcoin faces a life-or-death struggle as 1.76 million BTC is concentrated between the price levels of $94,000 and $99,000.

Bitcoin has entered an important zone in recent days, with the price zone of $94,500 emerging as an increasingly important battleground for its short term trajectory. Although the leading cryptocurrency has made several attempts to break through this zone during its latest bullish phase, it has faced multiple rejections, highlighting the presence of strong resistance. Despite these obstacles, on-chain data shows significant accumulation by whales on cryptocurrency exchanges, implying that the bullish trend remains strong as Bitcoin appears set to end April 2025 with a positive closing. Strong resistance zone from $94.125 to $99.150 According to cryptocurrency analyst Ali Martinez, who shared insights from the blockchain analysis platform IntoTheBlock, Bitcoin is facing significant resistance in the price zone from $94,125 to $99,150. Notably, his post on the social media platform X shows that around 2.61 million wallet addresses have accumulated approximately 1.76 million BTC in this zone, making it one of the most densely packed supply barriers that Bitcoin faces in the current market cycle. As shown in the chart below, approximately 1.26 million addresses hold nearly 843,000 BTC in the range of $94,125 to $96,582, while another 1.35 million addresses are in the range of $96,582 to $99,146, holding about 917,000 BTC. The concentration of these holders creates a formidable wall that Bitcoin must decisively break through if it wants to continue its bullish momentum in the next month. A strong and decisive daily or weekly close above $96,600 could invalidate the resistance above here, placing the next target zone at $99,150. Ultimately, buying momentum here will pave the way for Bitcoin to eventually reach the target of $100,000 and beyond. Conversely, consecutive failures in this zone could lead to the lower support levels around 93,000 dollars and 84,000 dollars being retested, with significant trading volumes of 678,000 BTC and 759,150 BTC respectively.

The bullish structure of Bitcoin remains intact. Although the resistance zone of $94,000 to $99,000 poses a challenge in the short term, technical patterns indicate that Bitcoin's bullish phase has only just begun. Another well-known cryptocurrency analyst, known as Titan of Crypto, has reiterated that Bitcoin's long-term price target of around $125,000 remains intact.

This target originates from the large Inverted Head and Shoulders model (H&S) identified on the monthly candlestick chart of Bitcoin.

The chart shows a clear breakout on the neckline of the inverted H&S pattern earlier this year when Bitcoin rose to its current all-time high of approximately 108,790 dollars. Since then, the price action has been followed by a retest that is holding above the support trendline on the monthly timeframe. According to analysts, this technical structure indicates that Bitcoin is in a good position to recover and soon reach a new all-time high of 125,000 dollars. Of course, this timeline will also depend on whether the current support zone around 85,000 dollars to 87,000 dollars holds.