The Bitcoin market has recently stabilized between $96,000 and $98,000 after dropping below $100,000. This price range is important as it reflects a critical support level due to substantial buying activity.

Over 1.16 million BTC has been purchased within this range, providing a buffer against potential sell-offs. The recent decline in Bitcoin's value can be attributed to comments from Federal Reserve Chair Jerome Powell, which triggered sell-offs. However, the majority of Bitcoin holders remain in profit, and there is ongoing accumulation, suggesting a bullish outlook.

Traders are anticipating a potential bullish reversal, with a growing confidence in Bitcoin's long-term viability. Maintaining the $96,000 support level is crucial, as a failure to do so could lead to a steep decline. The broader cryptocurrency market remains sensitive to macroeconomic indicators and regulatory developments.

The resilience of Bitcoin holders and ongoing withdrawals from exchanges indicate a belief in the cryptocurrency's future potential. The interplay between investor behavior, macroeconomic factors, and regulatory developments will continue to shape Bitcoin's trajectory.