Bitcoin Price Closes at $96,089 with Low Whale Demand

Bitcoin closed at approximately $96,089 on Sunday, marking its third consecutive weekly bearish close. The price fell about 1.3% in the last 24 hours to around $96,137 on Monday. This decline contributed to a 2.4% drop in the total crypto market cap, now near $3.3 trillion, amidst escalating market uncertainty linked to Donald Trump’s tariffs.

Bitcoin Whale Activity

• The supply of Bitcoin on centralized exchanges remained stable after rising from 2.13 million to 2.2 million recently.
• Whale investors have shown reduced buying and selling activity in the past week.
• US spot BTC ETF issuers reported a net cash outflow of about $651 million during the second week of February, ending a six-week winning streak.
• Metaplanet Inc acquired 269.43 BTC, increasing its holdings to 2,031 BTC.

BTC Price Projections

• Bitcoin has been in correction mode since Donald Trump's inauguration, with recent sell-the-news events amplifying bearish sentiment.
• A potential reversal pattern is forming, indicated by a double top and a bearish divergence in the weekly Relative Strength Index (RSI).
• If the current support level around $95.7K fails, the price may drop towards $92K, which serves as another critical support level and coincides with a potential double-top pattern.
• Should $92K not hold, BTC could further decline to approximately $85K.

Market Context

• Bitcoin is expected to follow Gold's upward trend, which reached a new all-time high of about $2,941 per ounce.
• Bitcoin is seen as digital gold and may benefit from macroeconomic uncertainties that drive investments into safe havens.
• Global debts, estimated between $323 trillion and $325 trillion, highlight the need for inflation hedges where Bitcoin plays a significant role.