Ah, Bitcoin, that elusive digital gold, now strutting around at a price of BTC $98,883. What a time to be alive! The market cap, a staggering $1.96 trillion, and a 24-hour volatility of a mere 1.1%. It’s almost as if the crypto gods are playing a game of poker, and we’re all just the bewildered spectators.
In recent days, our dear Bitcoin has found a cozy support level at around $96.2K. It’s like a warm blanket on a cold winter night, isn’t it? After a delightful little rebound of nearly 2% in the last 24 hours, it’s now trading above $98.1K as of Thursday, February 6, during the mid-London session. The relief rebound has pushed Bitcoin above the four-hour falling logarithmic trend, hinting at a potential bullish breakout. Or is it just a mirage in the desert of despair?
On the daily time frame, Bitcoin has established a horizontal consolidation channel, with upper and lower borders at about $108.4K and $91.4K respectively. After rebounding from the lower border of this multi-week consolidation, Bitcoin has been forming a bullish pennant. A pennant! How quaint! It’s like watching a toddler learn to walk—adorable yet precarious.
Now, if Bitcoin can muster the courage to break above that pesky 4-hour falling logarithmic trend, we might just see a 7% rally toward the all-time high. But beware! If the support level around $96.2K crumbles, it could be curtains for our bullish dreams.
Should the price take a nosedive, fear not! The support level above $91.4K is likely to hold, preparing us for the thrilling phase of the 2025 bull run. Buckle up, folks! 🎢
Bitcoin Whales: The Silent Accumulators
As the Donald Trump global trade war escalates, the cryptocurrency market has been feeling the heat. The bearish sentiment has led to heavy liquidations, pushing retail traders into the safe embrace of stablecoins. Oh, the irony! 🥴
According to on-chain data from Santiment, whale investors—those with at least 100 BTC—have increased by 135 in February. Meanwhile, small retail traders, with less than 100 BTC, have vanished like socks in a dryer, declining by 138,680 wallets since the start of the month. It’s a classic case of the rich getting richer while the rest of us are left to ponder our life choices.
“This is an ideal setup for crypto market caps to rise,” Santiment notes, “even if it takes a few more weeks (or months) to see the bullish impact of coins being absorbed by whales.” Ah, patience, the virtue of the wise—or the desperate.
Among the whale investors betting on Bitcoin’s inevitable rise are the US spot BTC ETF issuers. And let’s not forget, Bitcoin has been showing a positive correlation with Gold and major stock indexes. It’s like a high school reunion where everyone pretends to be friends.
With Gold soaring to a new all-time high of about $2,881 on Wednesday, the chances of Bitcoin following suit have significantly increased. It’s a race to the top, and we’re all just along for the ride.
As a result, BlackRock’s IBIT has led the charge, accumulating more coins amid the ongoing correction. On Wednesday, BlackRock’s IBIT recorded a net cash inflow of about $44 million, while Fidelity’s FBTC and WisdomTree Bitcoin Trust (BTCW) registered net cash inflows of about $10.6M and $11.3M respectively. It’s a veritable feeding frenzy! 🦈
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2025-02-06 13:33