300,000 BTC Acquired at $84K: Is This the New Support Level for Bitcoin?

Bitcoin Price Movements: Bitcoin has seen significant buying activity around the $84,000 range, which may now serve as a key support level as traders evaluate market stability.

Accumulation Data: Over 300,000 BTC were accumulated between $84,375 and $84,635, indicating strong interest from long-term holders despite a recent price dip.

Market Dynamics: The Long-Term Holder SOPR is currently above 1, suggesting profit-taking rather than heavy accumulation, while Bitcoin's price has faced resistance from a long-term trendline.

Resistance Levels: Bitcoin is encountering a "double barrier" of resistance from a 3-year ascending trendline and a bearish Fair Value Gap, with traders closely watching the $93,500 resistance level for potential breakout signals.