Can Bitcoin (BTC) Break $92K? Trader Realized Price Holds the Answer

Investors have been wondering whether Bitcoin’s BTCUSD bull run is beginning to weaken or merely taking a breather following its recent price action. However, on-chain analyst Julio Moreno believes a key resistance level may be forming just above the $91,000 to $92,000 range.
This price zone aligns closely with what is referred to as the “Trader’s on-chain realized price,” represented by the pink line in the chart he shared. This metric reflects the average price that existing holders paid for their Bitcoin and often serves as both a psychological and technical benchmark in market analysis.
Julio Moreno">
Market sentiment shifts reflected in the realized price
Julio adds that this Trader’s Realized Price behaves differently depending on overall market sentiment. When sentiment is bullish (indicated in green on the chart, with a bull score of 60 or higher), the price typically stays in the “super region,” where pullbacks tend to be limited and prices bounce back.
However, in bearish sentiment (marked in red, with a bull score of 40 or lower), this level becomes a point of resistance, making it difficult for the price to rise further. According to Bitcoin’s current bull score and the red shading on the chart, we’re still in bearish territory.
In short, if Bitcoin manages to climb to the $91,000–$92,000 range, it will likely face significant resistance.
Bitcoin price history points to a repeat pattern ahead
This cautious outlook is reinforced by historical patterns seen on the chart, which tracks Bitcoin’s price trend from 2020 to 2025 alongside the bull score and the trader realized price.
In previous cycles, once the price reached or slightly surpassed the pink line during bearish phases, selling pressure usually increased, leading to either corrections or extended consolidation.
Currently, the bull score remains mostly below 60. As Bitcoin’s price approaches the pink line again, this could be a signal of another turning point. Supporting this outlook, AetherCapital reported the presence of a large sell wall at $92,000 on Binance’s order book.
This means there’s a dense cluster of limit sell orders at that level, indicating many traders are ready to take profits. Such a wall of sell orders can act as a major price barrier unless it's overwhelmed by substantial buying pressure.
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