Bitcoin Price Analysis: BTC Holds At $96,000 As Markets Await Next Big Move

Bitcoin (BTC) is down just over 1% over the past 24 hours, starting the week on a bearish note. The flagship cryptocurrency trades just above the $96,000 level as traders wait for news that could move the price. 

BTC spiked to an intraday high of $98,662 but declined over the weekend to trade around $97,000. After an uneventful weekend, BTC dipped to a low of $95,950 during the early trading hours of Monday before recovering to its current levels. 

Institutional Adoption Of Crypto Rising 

Institutional interest in Bitcoin and Bitcoin ETFs has steadily increased, with major funds increasing their asset holdings. The approval of spot Bitcoin ETFs has significantly helped drive institutional adoption of the asset. The latest 13F filings with the SEC show that fund managers have increased their exposure to Bitcoin ETFs. The insights are based on the SEC Form 13F filings and are only estimates. Only institutions with assets under management of at least $100 million are included in the disclosure. Smaller funds and private organizations are exempt from reporting requirements and are not included in the disclosures. 

Wisconsin’s 13F filing with the SEC revealed the state’s investment board owned 6 million shares of the iShares Bitcoin Trust ETF, a rise of over 100% year-over-year. Other investment funds have also increased their holdings in Bitcoin ETFs. Hedge fund manager Tudor Investment announced an increase in its holdings of the iShares ETF, raising it from 4.4 million to 8 million shares. Abu Dhabi’s sovereign wealth fund has also made a $436.9 million investment in IBIT after BlackRock secured a commercial license in Abu Dhabi. The move comes as the UAE increases its efforts to establish itself as a digital assets hub. 

Bitcoin Poised To Surge

Bitwise Asset Management’s head of Alpha strategies believes Bitcoin (BTC) is a generational opportunity, with the Trump administration threatening to overhaul global trade. Economic indicators are also signaling that central banks could flush the markets with cash. 

“World is literally on the brink of max chaos (tariff, debt ceiling, deglobalization) and max retardation (unprecedented tax cut, imminent YCC, gold run tail risk)— And BTC IV percentile is lowest all year, and you don't see this generational opportunity so no we are not the same.”

Park highlighted a February 12 House Republican budget plan to raise the debt limit by $4 trillion to boost government spending, along with an increasing trend of deglobalization and Trump’s reciprocal tariffs. Federal Reserve Chair Jerome Powell has ruled out the possibility of more interest rate cuts this year, telling the Senate Banking Committee the economy remains strong and the US does not need to hurry to adjust rates. 

Bitwise CEO Hunter Horseley stated he was never more optimistic about Bitcoin, and the market is wildly overestimating the leaps it will take this year. 

“People are wildly underestimating the massive leaps Bitcoin is going to take into the mainstream this year.”

Bitcoin is down over 1% in the past 24 hours as it continues to trade around the $96,000 level. 

Bitcoin (BTC) Price Analysis 

Bitcoin traded sideways for most of the weekend, trading between $94,000 and $98,000. Analysts are unsure of the direction BTC’s next price action will take the flagship cryptocurrency. BTC has struggled since it surged to an all-time high of $109,114 on January 20. However, it has struggled since, failing to establish bullish momentum and dropping below $100,000. One analyst has predicted a significant decline for BTC if it fails to move past $102,000. Bitcoin flows between derivative and spot exchanges have also turned bearish, creating more panic among investors hoping for a continuation of BTC’s recent bull run. The analyst explained, 

“When a significant amount of Bitcoin is transferred to derivative exchanges, the indicator signals a bullish period. This suggests that traders are moving coins to open long positions in the derivatives market. However, when Bitcoin starts flowing out of derivative exchanges and into spot exchanges, it indicates the beginning of a bearish period. This typically happens when long positions are closed, and large investors (whales) reduce their exposure to risk. Today, the indicator has turned bearish, suggesting a decline in market risk appetite and potentially marking the start of a bearish phase.”

BTC has been trading between $94,000 and $99,000 since February 4, when it slipped below the 50-day SMA and fell to an intraday low of $96,218. Sellers retained control for the next few days as buyers attempted a recovery to move past the 50-day SMA and reclaim $100,000. The price briefly crossed $100,000 on Friday (February 7) before dropping back and settling at $96,634. Price action over the previous weekend remained muted, with BTC registering a marginal increase on Saturday and a marginal decline on Sunday. 

However, BTC was back in positive territory on Monday, rising 0.98% and moving to $97,468. Buyers attempted a move past the 50-day SMA on Tuesday as BTC reached an intraday high of $98,497. However, it lost momentum after reaching this level and dropped nearly 2% to $95,800. Selling pressure intensified on Wednesday as BTC fell to an intraday low of $94,118. It recovered from this level to register an increase of 2.17% and settle at $97,881. However, sellers were back in control on Thursday as BTC fell to an intraday low of $95,315 before settling at $96,663.

Source: TradingView

BTC surged to an intraday high of $98,927 on Friday, briefly surpassing the 50-day SMA. However, it lost momentum after reaching this level and ultimately settled at $97,556 after an increase of 0.93%. Buyers retained control on Saturday as BTC registered a marginal increase and settled at $97,705. Despite the positive sentiment, BTC was back in the red on Sunday, ending the weekend with a drop of 1.51% and settling at $96,226. The current session sees BTC marginally up as it struggles to reclaim $97,000.

BTC must reclaim $100,000 for bullish sentiment to return. A break above this level could see the price move to $105,000. However, if sellers take over, BTC could drop to $90,000. A drop below this level could drag the price below $80,000. The RSI and MACD are still bearish, indicating that sellers have the upper hand.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.