Bitcoin Remains Steady at $95,000 Amid Tariff Wars
Bitcoin is currently priced around $95,000 amid ongoing tariff disputes involving Donald Trump and China. The price saw a slight increase of 0.66%, with the market price reaching $97,133. Traders are observing bullish signals that may indicate a potential rise above $100,000 this week.
Bitcoin Miner Activity
- Significant shifts in Bitcoin miner activity are noted, traditionally preceding major price movements.
- The hash ribbon shows a possible negative crossover, which historically relates to significant price fluctuations.
- Over 2,000 Bitcoins have moved from miner wallets in the past week, reducing reserves to 1.8092 million BTC.
- This decline in miner reserves suggests caution regarding breakout possibilities.
Bitcoin Dominance and Altcoin Trends
- Current BTC dominance is at 64%, reminiscent of patterns seen before altcoin capitulations in the 2021 bull market.
- As BTC price declines, an altcoin season may be approaching.
- Potential implications suggest Bitcoin's recent all-time high might represent the peak for this cycle.
Institutional Flows
- On February 7, total net inflows into US Bitcoin spot ETFs reached $171.19 million.
- BlackRock was the largest buyer with a $21.87 million inflow, bringing its total to $40.79 million.
- Fidelity purchased $52.47 million worth of Bitcoin, totaling $12.78 billion in cumulative inflows.
- Positive weekly inflows have been recorded for six consecutive weeks, indicating strong institutional interest.
Bitcoin Price Analysis
The daily chart indicates Bitcoin is maintaining support above a local trendline, suggesting a potential rebound towards resistance at $106,214. An ascending triangle formation indicates a possibility for a new all-time high. Key levels include:
- Resistance near $100,000
- Support near $92,312
- Potential breakout could challenge resistance at approximately $121,000, representing a 25% upside.