Bitcoin has had some of its heaviest losses recently, with drops under $80,000 and then recoveries back up to highs of $86,000. The cryptocurrency has fallen slightly since, trading at about $84,295. Its high volatility has caused analysts to identify major levels where support or resistance might come into play. One bullish analyst has zeroed in on particular “naked Point of Control” (nPOC) levels. These levels can serve as magnets, dragging the price back in their direction.

Understanding nPOC Levels

nPOCs are significant high-volume price levels established during prior trading sessions that the market hasn’t gone back to test in the following days. As mentioned, these levels are very quick to get retested and serve as great potential levels of support if the price corrects. The analyst has identified four nPOC levels that could offer support to Bitcoin: $107,877, $104,802, $98,407, and $95,756.

Each one of these nPOC levels is now doing double duty as a prospective resistance area, as Bitcoin is presently trading well below those levels. The analyst chose these levels as they may provide strong support during retracements in price. All of this indicates that Bitcoin’s price will eventually make its way back to these high points.

Additional Resistance Zones

Outside of the nPOC levels, the analyst identified other areas that could serve as resistance areas. For instance, the most recent census data shows median income around $82,000, $76,949 and $74,265. These levels could pose a major hurdle for Bitcoin as it faces a challenge to continue its upward momentum.

These zones are fascinating to observe with Bitcoin’s tempestuous price oscillations. Investors and traders will be looking very closely at the digital asset’s movement at each of these possible resistance levels.

Large Holder Activity

Knowing where large holder inflows are coming from fills in some more gaps on what’s going on with Bitcoin’s market dynamics. Inflows increasing by 465% month over month for large holders show that whales are heavily accumulating.

On a weekly basis, inflows are now down 29.05%. This alteration is an early sign of a more accommodative bent by big holders. Understanding how this shift in large holder activity may affect Bitcoin’s price path in the short term is an important exercise.