Bitcoin prices have been struggling to find direction this week. With prices swinging constantly between the red and the green territory, analysts are now predicting support levels for the OG cryptocurrency.
Ali Martinez via a X post on January 25th stated that the $97,877 price level is a critical support level for Bitcoin, with almost 101,000 $BTC were accumulated at this level.
He adds that maintaining the bullish momentum for Bitcoin’s further rise will require holding above this level.
Trump’s Inauguration Fails to Push Bitcoin Above Expected Levels
In the crypto business, this week was the result of many promises made over the years. Through enforcement efforts over the past few years, President Trump has partially ended the regulation of cryptocurrency.
Additionally, the Securities and Exchange Commission (SEC) retracted SAB 122, which prohibited banks from retaining cryptocurrency for their clients.
These actions, however, had no positive effect on the market, with Bitcoin still trying to push beyond previous ATH. Bitcoin is only marginally up 1% this week, while investors had expected the token to close much higher.
Donald Trump’s victory in the 2024 elections saw Bitcoin undergoing a bullish run. However, with a lack of further cues, many are wondering if the momentum will continue or if the crypto market should brace for a fall in the future.
While other market indicators show an upward trajectory for the future, investors are still keeping a cautious stance for trading.
Bitcoin Price: What Do Market Parameters Say?
Market participants at present are expecting the price of Bitcoin to have increased by 25.01% to $131,576 in the coming month.
These predictions are fulled by the present sentiment for the token, which is swinging in the bullish zone.
The Fear & Greed Index for Bitcoin is at 75 (Greed). Over the past 30 days, Bitcoin’s price volatility was 3.96% and it had 17/30 (57%) green days.
With 27 technical analysis indicators indicating optimistic signals and two indicating bearish signals, the overall sentiment for the price prognosis of Bitcoin is bullish.
These technical indicators show that Bitcoin’s 200-day SMA will increase during the course of the upcoming month, reaching $83,730 by February 23, 2025. During the same course of time, Bitcoin’s short-term 50-Day SMA is predicted to reach $110.541.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The Bitcoin market is currently in a neutral position, as shown by the RSI figure of 60.69.