Data from IntoTheBlock reveals that Bitcoin sits at a make-or-break point

Bitcoin sits at a pivotal point facing strong support and resistance ahead of it, according to data from IntoTheBlock.

Over the past 30 hours, Bitcoin took a nosedive after hitting the $10,300 resistance level.

Following the $1,000 movement, the flagship cryptocurrency is now mostly consolidating within a narrow $120 range defined by the $9,530 support level and the $9,650 resistance level.

According to IntoTheBlock, a machine learning and statistics modeling firm, this trading range is key to Bitcoin's trend.

The IOMAP also reveals on the upside there is a similar amount of tokens held that are currently rejecting the price of Bitcoin from continuing its uptrend.

"A look at the IOMAP model for Bitcoin shows 1 [million] addresses with positions. This could be seen as the level of resistance for BTC to get to $10,000 as a percentage of investors that previously bought at this price may be looking to break-even."

Due to the high levels of support and resistance that Bitcoin is currently facing, a look at its price chart could help determine where it is heading next.

Bitcoin is currently being held by its 200-four-hour moving average within the same time frame.

A spike in demand for Bitcoin that allows it to close above the height of the right shoulder at $10,300 could invalidate the head-and-shoulders pattern.

Time will tell whether support or resistance will break first giving more clarity about where Bitcoin is heading next.