The potential new support level for Bitcoin's next pullback may be located at $94,000.

Gate News bot reports that Keith Alan, co-founder of trading resource company Material Indicators, noted in his latest comment on X that if the Bitcoin price experiences a new round of pullback, its support level may only be at $94,000, with the rebound area at the 21-week MA.

However, Alan believes that the market is sending positive signals for future trends, and institutional traders are accumulating BTC at current levels. "BTC is consolidating above $100,000, and whales are increasing their holdings," he concluded.

The attached chart shows that the buying volume of the two major trading categories usually associated with whale entities is increasing. In addition, the chart also confirms that as of May 27, $112,000 is the level that attracts the highest selling liquidity.

Alan continued to indicate that if sellers temporarily regain control of the market, the downward target may involve a return to the 21-week MA around $94,000.

According to the weekly chart, he believes: "We are in a bull market, the trend is upward, but there are no straight lines in trading; 'only up and never down' is just a myth. It is rare to see 7 or more consecutive bullish candles, and they are usually followed by consolidation or a pullback. If a pullback occurs, I expect the support level to hold at the current trend line where it intersects with the 21-week MA."

Source: Cointelegraph