Is Bitcoin Price Headed for a Relief Rally? Charts Have the Answer

Core Insights - The Bitcoin price has decreased by nearly 2% in the last 24 hours and is down almost 3% from its peak yesterday, indicating a lack of immediate excitement in price movements [1] - However, significant changes in on-chain metrics suggest potential shifts in market dynamics, which could be foundational for a future rally as 2026 approaches [1] Group 1: Momentum Signals - The On-Balance Volume (OBV) has shown a bearish divergence, indicating that despite a price increase from December 21 to December 26, the volume did not support this rise, leading to a failure to break through key price levels [2] - Recently, OBV broke above a trend line connecting previous lower highs, suggesting a potential increase in buying pressure, but confirmation is needed with a higher high above 1.58 million [3] Group 2: Hodler Activity - The Hodler net position change metric has turned positive for the first time since late September, with long-term holders adding 3,783.8 BTC, indicating renewed conviction among these investors [4] - A successful relief rally requires both the OBV to continue its upward trend and Hodlers to keep accumulating Bitcoin, as one without the other may not suffice [5] Group 3: Price Levels and Support - Bitcoin has struggled to reclaim the $90,840 level for nearly two weeks, which has acted as a resistance point since December 12, and until this level is cleared, any price bounce may be temporary [6] - If the price can surpass $90,840, the next significant resistance levels are around $97,190, $101,710, and $107,470 [7] - On the downside, support is currently at $86,915, which has held since December 19; losing this support could lead to a drop to $80,560, especially given low year-end liquidity [8]