Bitcoin (BTC) is nearing a notable market scenario while trading at $90K. In the meantime, Coinbase is witnessing the formation of a sell wall for Bitcoin ($BTC) around $92K. As per the data from CW, a prominent crypto analyst, this development takes place amid the growing anticipation of a bull market. Keeping this in view, the market watchers are keenly monitoring on-chain metrics for the future implications.

BTC Encounters Sell Wall on Coinbase Amid Reviving Bull Run Speculation

Based on the market data, while Bitcoin ($BTC) is changing hands at $90K, it is experiencing a crucial development on Coinbase. This takes into account an emerging sell wall at the $92K mark. While facing this price barrier, the leading crypto asset is also seeing a growing anticipation for a massive rally in the near term.

Particularly, the starting point of this sell wall is $92K while it concludes at $94K. The respective price blockade is significantly hindering the upward momentum of the top crypto asset. However, at the same time, it is also fueling the speculation of a noteworthy price jump in the case of $BTC clearing this resistance.

Simultaneously, the traders are also showing considerable optimism and conviction in Bitcoin’s likely leg up. At the moment, Bitcoin ($BTC) is changing hands at $90,358.02. This price level indicates a 0.27% dip over the past 24hours. Nonetheless, the weekly price performance of $BTC underscores a 36% rise while its 30-day performance displays a 10.24% plunge. Additionally, its market cap is $1.79T after a 0.21% drop. On the other hand, surpassing the above-mentioned sell wall could result in a full-scale bull rally.

Consolidation Around $90K Solidifies Breakout Potential as $104K Sell Wall Disappears

According to CW, the ongoing consolidation of Bitcoin ($BTC) near the $90K spot serves as a likely prelude to a broader price action. In this respect, the $92K-$94K sell wall is playing a critical role. Once it is breached, Bitcoin could claim its previous peaks, while the $104K sell wall’s absence further fortifies the speculation.