Bitcoin (BTC) continues to navigate a crucial price zone, testing the $102,350–$103,900 supply wall while also holding strong support around $96,147. As of February 5, 2025, Bitcoin’s price stood at $98,079.85, reflecting a modest 0.91% drop in the past 24 hours. Despite this dip, the overall market sentiment appears balanced, with the cryptocurrency showing signs of potential bullish momentum. The key question for traders and investors now is whether Bitcoin can push through this resistance level and continue its upward journey.
The market has remained relatively neutral, with transaction volumes declining slightly, suggesting potential short-term volatility. However, Bitcoin’s price action has remained steady in recent days, holding critical support between $96,475 and $99,360. If the support holds, there is potential for a breakout above the supply wall of $102,350–$103,900.
Bitcoin’s price chart reveals the formation of an inverted head and shoulders pattern, a classic bullish indicator. The price has recently consolidated within a range, with resistance at $102,806 and support at $96,147. A break above the resistance could signal a continuation of Bitcoin’s bullish cycle, potentially pushing the price toward $104,000.
Additionally, the Relative Strength Index (RSI) is hovering at 44.45, indicating that Bitcoin is nearing oversold conditions. This suggests that a short-term pullback or consolidation might occur before Bitcoin gathers enough momentum to breach the $102,350 supply wall.
The NVT (Network Value to Transaction Volume) Golden Cross indicator has shown a 24-hour percentage change of -23.09%, indicating a decline in transaction volume relative to Bitcoin’s price increase. This suggests that while Bitcoin’s price is rising, the rally might not be fully supported by network activity. The lower transaction volume raises concerns that the bullish momentum might lose steam unless network activity picks up. Therefore, Bitcoin could experience a brief pullback before continuing its ascent.
Market sentiment remains mixed, with both bullish and bearish forces competing for control. Over the past week, there have been 111 bullish positions versus 114 bearish ones, signaling a tight contest between the two sides. Despite some optimistic outlooks, bear pressure persists as Bitcoin approaches the $102,350 resistance. How this struggle plays out will likely dictate whether Bitcoin can break through the supply wall and continue its upward trend.
The Long/Short ratio reveals that more traders are betting against Bitcoin’s price increase, with 54.84% of positions being short and 45.16% long. This shows that the majority of traders are expecting a price pullback in the short term. Given Bitcoin’s volatility and the uncertain sustainability of its recent price movement, this cautious stance reflects traders’ wariness about a sustained breakout. The key question is whether the bullish momentum will overpower the short positions and push the price higher.
While Bitcoin’s technical setup shows promise, the journey to breaking the $102,350–$103,900 supply wall may not be straightforward. The lack of strong transaction volume and continued resistance from bears could result in short-term volatility before a clear breakout. However, with Bitcoin’s solid support levels and bullish patterns in play, there is a strong possibility that it will eventually break through the resistance and continue climbing. Traders and investors will be closely monitoring these key levels for any signs of a decisive move in either direction.
Bitcoin’s price dynamics are constantly evolving, and the next few days will be crucial in determining its short-term trajectory. Whether the cryptocurrency can overcome its current hurdles or experience further consolidation remains to be seen, but the technical setup suggests a breakout could be on the horizon.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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