Analyst: The key support level for Bitcoin is between $84,000 and $85,600, with buying volume reaching 976,000 BTC in this range

According to Cointelegraph, as Bitcoin's price breaks through $90,000, discussions about the "Christmas rally" have resurfaced.

Analysts point out that Bitcoin has been consolidating in a wide range between $82,000 and $95,000 since November 22, and the longer the consolidation lasts, the stronger and more intense the subsequent rebound will be.

The Glassnode cost basis distribution heatmap shows that the key price support level is currently between $84,000 and $85,600, as investors have purchased approximately 976,000 Bitcoins around this price level. If it holds above the $84,000 mark, it may prevent further declines.