Bitcoin (BTC) price remains just below $105,000, showing no indication of its next move. While a breakout can trigger bullish momentum and reignite enthusiasm around this crypto bull run, it is also relevant for market bulls to resist further decline up to certain price levels.
Bitcoin must hold above $97,877 to preserve the uptrend
After a significant price correction in December 2024, Bitcoin appears to have returned to bullish form in 2025, even reaching a new all-time high of $109,114 when Donald Trump took office as President of the United States.
Currently, the flagship crypto asset is trading below $105,000 after a series of significant gains and losses over the past week. Amid this market uncertainty, popular crypto analyst Ali Martinez highlighted a level of price support vital to maintaining Bitcoin’s current bullish structure.
In a January 25 X article, Martinez states that investors accumulated over 101,000 BTC at $97,877, converting this price zone into a key support level. Therefore, the Bitcoin price must maintain above this level to ensure the current uptrend continues.
Notably, the accumulation of massive BTC volume at $97,877 indicates strong market confidence among investors. Converting this high market price into a potential floor price for Bitcoin suggests the expectation of a prolonged bull phase and higher profit levels.
Interestingly, some 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 top cryptocurrency still has plenty of room to grow before entering the overbought and overbought zone. experience 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 retracement, paving the way for a free fall to around $92,800, where the next significant support area is located.
BTC Investors Show Strong Demand With High CEX Outflows
Separately, blockchain analytics platform IntoTheBlock reports that centralized exchanges (CEXs) saw $800 million in net outflows from Bitcoin over the past week.
This development suggests strong demand from BTC investors who are acquiring and moving BTC to private wallets in anticipation of future gains. It is important to note that a decrease in the supply of BTC on exchanges reduces the potential for any significant selling pressure that would negatively impact prices.
At press time, Bitcoin is trading at $104,805, reflecting a slight decline of 0.15% over the past day. Meanwhile, the daily trading volume is down 53.81% and valued at $25.5 billion. Despite these measures, the Bitcoin community remains largely optimistic according to CoinMarketCap survey data. With a market capitalization of $2.07 trillion, the leading cryptocurrency maintains a 57.7% dominance in the total digital asset market.
Featured image from FinanceFeeds, chart from Tradingview
