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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) continues to hover below the critical $97,000 resistance level, with the price currently at $96,772.18 after a modest 1.10% gain.
Daily trading volume has reached $48.43 billion, reflecting ongoing market interest despite lackluster price action.
The recent release of U.S. core CPI data, which showed inflation at 3.0% versus the anticipated 2.9%, has added downward pressure, prompting cautious sentiment among investors.
Institutional Interest Surges: Goldman Sachs Bets Big on Bitcoin
Despite the stagnant price action, institutional players are doubling down on Bitcoin. Goldman Sachs recently increased its Bitcoin ETF holdings to $2.05 billion, marking a 121.1% growth from the previous quarter.
The bank’s portfolio now includes $1.57 billion in assets across multiple ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin ETF (FBTC).
This surge in institutional participation signals confidence in Bitcoin’s long-term growth potential, even amid short-term volatility.
Bitcoin Supply Shrinks as Demand Rises
Bitcoin’s supply on exchanges has dropped to a two-year low, with only 2.5 million BTC available. Approximately 69% of the total supply is now held by individual investors, limiting the availability of tradable Bitcoin.
This supply crunch, coupled with rising institutional interest, could set the stage for a significant price rally.
If Bitcoin breaks above $97,200, the next target is $100,000; however, a dip below $95,000 might trigger liquidations exceeding $1.52 billion.
Bitcoin Price Outlook – February 13, 2025
Bitcoin (BTC/USD) is trading at $96,120, displaying a cautious stance within a symmetrical triangle formation. The 50-EMA at $96,770 is acting as dynamic resistance, capping upward moves. Immediate support lies at $95,100, with a potential drop toward $93,566 if selling pressure intensifies.
A break above $96,900 could target resistance at $98,900, while a move past this level might open the door to the psychological $100,600 zone.
The tightening pattern suggests a breakout is imminent, with the triangle apex approaching. Traders should watch for increased volume to confirm a potential breakout direction.
Key Insights:
- Bitcoin hovers near $96,125, testing critical resistance at $96,919.
- Symmetrical triangle pattern signals an impending breakout.
- Support at $95,100 could lead to $93,550 if broken.
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The presale is live with tokens priced at $0.00236. With over $1.1M raised and a price increase imminent, act now to join the BTC Bull journey. Buy on the BTC Bull website or via the Best Wallet app today.
