Bitcoin Faces Critical Support at $94,000 and Resistance at $117,000

Bitcoin (BTC) experienced a volatile trading week with movements between $95,000 and $98,000, establishing a consolidation zone. Analyst Burak Kesmeci identifies critical price levels beyond this range.

Key Levels for Bitcoin

The 1.6 Gold Ratio Multiplier at $117,000 acts as a major resistance level. A close above this in the Futures market may signal a bullish trend.
The 111-day Moving Average (111DMA) at $94,000 serves as a key support level. A drop below this could lead to bearish pressure and a price decline.

Factors that may influence a breakout include rising ETF inflows, corporate interest in crypto, and advancements in pro-crypto policies. Conversely, negative macroeconomic conditions, such as an increase in Fed interest rates, may pose risks.

Exchange Inflows Overview

Bitcoin recorded over $1.3 billion in exchange inflows, resulting in a net inflow of $1.04 billion, typically viewed as a bearish indicator.
As of now, BTC is trading at $97,653, up 0.50% in the last 24 hours, with a daily trading volume of $32.29 billion.
Bitcoin maintains a market cap of $1.93 trillion, retaining its position as the largest digital asset.