Bitcoin's price has been on a rollercoaster ride lately, facing major challenges but still exhibiting signs of a bullish trend.

Despite the recent hurdles, short-term holders and investors are staying strong and focusing on accumulating more Bitcoin, hinting at a potential recovery in the near future.

The recent statistics show that while the market has been experiencing substantial losses, with daily realized losses hitting $818 million, investors are holding on tight to their positions despite the pressure to sell below cost.

On a positive note, Bitcoin's network growth is experiencing an uptick, with a significant increase in the number of short-term holders joining the market. The rise in new wallets, particularly those holding smaller amounts of Bitcoin, indicates growing confidence among investors in the cryptocurrency's future prospects.

Looking at the current price action, Bitcoin has shown a 6% recovery in the past 24 hours, trading at $92,776. The crucial resistance level of $93,625 remains a key obstacle for Bitcoin, but a successful breach could signal the start of a bullish breakout, potentially driving the price higher towards $100,000.

However, failing to surpass the $93,625 resistance might lead to a pullback to the $89,800 support level. Breaking below this support could prolong the downtrend, with $87,041 becoming a critical level to watch for a shift in sentiment.

Overall, despite the challenges and fluctuations, Bitcoin's resilience and investor optimism point towards a possible upward trajectory and a return to the $100,000 milestone. Stay tuned for more updates on Bitcoin's exciting journey ahead.