bitcoin (btc) price remains just below $105,000 showing no indication of its next move. While a breakout could spark bullish momentum and revive the excitement around this crypto Bull run, it is also pertinent for market bulls to further resist the decline of certain price levels.
bitcoin Must Stay Above $97,877 to Preserve Uptrend
After a significant price correction in December 2024, bitcoin appears to have regained its bullish form in 2025 even emerging to set a new all-time high of $109,114 as Donald Trump took office as President of the United States.
Currently, the crypto Asset flagship is trading below $105,000 following a series of significant gains and losses over the past week. Amid this market uncertainty, popular crypto analyst Ali Martinez has highlighted a vital price support level to maintain bitcoin's current bullish structure.
In a<a target="_blank" href="https://x.com/ali_charts/status/1883024751578481119″ target=”_blank” rel=”noopener nofollow”> x Publication On January 25, Martinez claims that investors accumulated over 101,000 btc at $97,877, making this price zone a key support level. Therefore, bitcoin price must remain above this level to ensure a continuation of the current uptrend.
Notably, the accumulation of massive btc volume at $97,877 indicates strong market confidence among investors. Converting this high market price into a potential price for bitcoin suggests expectations of a prolonged bull phase and higher profit levels.
Interestingly, certain technical indicators also support this bullish sentiment. Based on bitcoin's daily trading chart, its Relative Strength Index stands at 60.83, indicating that the leading cryptocurrency still has plenty of room for growth before entering the overload zone and experiencing a price reversal.
However, if btc loses its support level at $97,877 due to overwhelming selling pressure, this price drop would signal a broader market pullback that paves the way for a free fall around $92,800 where it stands. the next significant support zone.
btc Investors Show Strong Demand with High CEX Outflows
In other news, Blockchain Analytics Platform IntotheBlock <a target="_blank" href="https://x.com/intotheblock/status/1883198342252970239″ target=”_blank” rel=”noopener nofollow”>information Those centralized exchanges (CEX) have recorded $800 million in net bitcoin outflows over the past week.
This development suggests high demand from btc investors who are acquiring and moving btc to private wallets in anticipation of future profits. Importantly, a declining supply of btc on exchanges reduces the potential for any significant selling pressure that would negatively impact prices.
At press time, bitcoin is exchanging hands at $104,805 reflecting a minor decline of 0.15% over the past day. Meanwhile, the daily trading volume has decreased by 53.81% and was valued at $25.5 billion. Despite these metrics, the bitcoin community remains largely optimistic according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” target=”_blank” rel=”noopener nofollow”>CoinMarketCap Survey Data. With a market capitalization of $2.07 trillion, the inaugural cryptocurrency retains 57.7% of total digital asset market dominance.
Featured Image by FinanceFeeds, Chart by TradingView
