NewsBTC

22 February 2025

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Bitcoin Price Compression Signals Potential Major Move Ahead

Bitcoin (BTC) has been experiencing sideways price action, trading between $94K and $100K without a clear breakout. Key points include:

• BTC was testing a crucial supply zone of $98K to $100K when a significant hack on Bybit occurred, resulting in the theft of $1.4 billion in ETH.
• The hack caused increased market volatility and fear among traders, impacting BTC's price stability.
• Analyst Big Cheds noted that BTC is currently facing its tightest daily Bollinger Bands since August 2023, indicating potential for an explosive price movement.
• The ongoing struggle between bulls and bears keeps BTC above $90K, with a critical need for BTC to reclaim $100K for a potential rally.
• Alternatively, a drop below $94K could lead to deeper corrections, potentially retesting support levels around $90K.

Currently, BTC is priced at $96,000 following a volatile trading session. Maintaining the $95K level is essential for bullish momentum toward resistance at $98K. Market sentiment remains cautious as the price compression suggests an imminent significant move.