Bitcoin reached its highest point ever at $110,000 just before Donald Trump became president on January 20 but crashed afterwards. BTC investors quickly lost enthusiasm after its price dropped by more than $18,000 two days following the market crash on February 3.
Today Bitcoin shows $96,200 on the market according to CoinGecko’s real-time numbers. Market analysts disagree about Bitcoin’s direction since it shows weak recovery progress.
Bullish Sentiment Grows as Bitcoin Eyes $100K Breakout
The market participants who predict a return of bull momentum believe BTC will climb past previous peaks. Bitcoin’s daily price chart ended strongly bullish based on the assessment of CRYPTOWZRD on X. They suggested:
“I believe the correction is over now, and Bitcoin should be pushing above the $100,000 resistance target. Above the $100,000 resistance target, there will be a psychological value for retail traders, leading them to pour more money into the market.”
The expert foresees BTC reaching its next big barrier at $108,000 which sets the stage for it to increase past its previous record. Whenług the ongoing upcycle BTC could boost its worth through new investments from professional and private market participants.
Reports show that Bitcoin could have problems in the near future despite indicating signs of continued growth. According to recent CryptoQuant data bitcoin went mainly out from exchanges into other wallets throughout the previous week.
Key Resistance at $97,530: Can Bitcoin Break Through?
Many investors transfer their funds from private wallets to centralized services which raises selling pressure and limits a steady upward trend in price. BTC faces challenges because the global economy remains unclear.
The most recent US Consumer Price Index (CPI) showed increasing inflation yet again but this time the Federal Reserve had to worry about their next interest rate action. The Federal Reserve System will hold off rate cuts when inflation stays hard to control. Lower interest rates usually benefit risk assets yet make BTC and its peers less appealing investment options.
Based on his analysis Ali Martinez discussed $97,530 as the crucial point of resistance for BTC development. He alerts that Bitcoin faces weak defense at its $92,110 support mark. A failure to defend $92,100 support will likely push BTC down quickly between $90,000 and $70,000 since this area lacks significant support levels.
Investors need to expect intense fluctuations as they observe Bitcoin’s future developments. The market could resume its price climb past $100,000 if bulls break through all key support levels but price drops with weak support below these marks.
The market will show in the following weeks if BTC can restart its upward run or stay in its present bearish phase against these two key market factors.
