Bitcoin Price Analysis: Sluggishness Persists As BTC Struggles To Conquer $100,000

Bitcoin (BTC) remains sluggish as it remains tethered below $100,000, with bulls unable to build momentum. The flagship cryptocurrency is down just over 1%, trading around the $97,600 price level. Despite BTC’s struggles in the near term, a potential supply crunch and growing institutional demand keep the asset’s long-term bullish outlook intact. Donald Trump’s Fintech Venture To Launch Bitcoin Investment Products President Donald Trump’s new fintech venture plans to launch its own Bitcoin ETFs. Truth.fi, the financial arm of Trump Media and Technology Group, said on Thursday, that it had applied to register trademarks for brand names for six new investment vehicles, out of which two will be Bitcoin funds, the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA. ETF funds allow speculators to purchase shares tracking the price of commodities or securities. Fund managers, including BlackRock and Fidelity, launched spot Bitcoin ETFs last year, allowing traditional investors to buy exposure to the world’s largest cryptocurrency. On the other hand, an SMA, or separately managed account, is a type of investment product that allows high net-worth individuals to have a greater say over the contents of the investment vehicle. Trump Media Chairman and CEO David Nunes stated, “We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market.” Russian Bitcoin Miners A Worried Lot Russian Bitcoin miners are upset about a new government registry accessing sensitive data, including crypto wallet addresses. If the data is compromised, it could be a “big gift to our geopolitical opponents.” according to Anton Gorelkin, A lawmaker overseeing information policy. The crypto miner registry has been running since November 2024 and is available through the service of Russia`s Federal Tax Agency. According to the head of the tax agency, 150 miners submitted registration requests in the first three weeks of the registry’s operation. However, Gorelkin says miners are worried about the registry and fear a data leak could expose sensitive information and put them at risk of sanctions. However, Russia’s tax agency has reassured Gorelkin and the miners that the data is stored in a separate internal protected system. “And although cybersecurity experts like to repeat the mantra `everything that can leak, will eventually leak,` the Federal Tax Service claims that the risk of sensitive information leaking from its internal systems is now reduced to zero.” Russia’s communications watchdog has recorded 135 major data leaks in 2024, with 710 million records of Russians leaking online. A Reset? Nobel Prize-winning economist Eugene Fama has argued that Bitcoin’s volatility and lack of intrinsic value make it unsustainable. Fama believes BTC fails as a currency because of its volatility, which makes it impractical for daily transactions. He also dismissed its role as digital gold, arguing its value is purely speculative. However, BTC’s track record challenges these claims as it has established itself as a widely recognized store of value, outperforming traditional assets during inflationary periods. A global ban or a severe flaw would need to emerge for the asset to reset completely. Bitcoin (BTC) Price Analysis Bitcoin (BTC) remained sluggish this week as it fell to an intraday low of $95,769 on Thursday before recovering to current levels. One crypto analyst has pointed out that despite recent sluggishness, BTC could reach $120,000 if it follows historical patterns from 2014 to 2018. BTC has historically registered uptrends in February, recording a decline only twice in the past two years. Another analyst stated that BTC’s drop to $91,000 was the local bottom, stating, “Bitcoin will be going to $120k+ sooner than you think, and it`ll be quick. This is how I see the next few weeks/months for those that care about charts.” Despite several arguments supporting a local bottom, Alphractal, a data analysis platform, has flagged leverage trading as “Bitcoin’s greatest risk,” opening up the possibility of a drop to $80,000. Institutional demand for the asset remains high, and the pro-crypto stance of Donald Trump’s administration has ensured markets remain optimistic about the future. However, there are warnings about a potential collapse, with Nobel Prize-winning economist Eugene Fama predicting BTC could reset to zero within a decade. BTC has hovered between $90,000 and $108,000 since mid-December, indicating a consolidation and market stabilization phase, potentially removing over-leveraged positions and setting the stage for renewed buying pressure. BTC has faced considerable selling pressure since Friday when it fell to $102,616 after a drop of nearly 2%. The price went below the 20-day SMA on Saturday, dropping 1.54% to $101,041. Bearish sentiment intensified on Sunday as BTC fell below $100,000 and the 50-day SMA to $97,881. BTC tanked to an intraday low of $91,274 on Monday as markets opened in the red. However, it rebounded from this level, rising nearly 4% to reclaim $100,000 and settle at $101,579. Source: TradingView Sellers returned to the market on Tuesday as BTC fell 3.54%, going below $100,000 and the 50-day SMA and settling at $97,979. Sellers retained control on Wednesday as BTC fell 1.34% to $96,668. Bulls attempted a recovery on Thursday as BTC rose to an intraday high of $99,237 but lost momentum after reaching this level. As a result, BTC registered a marginal decline and settled at $96,641. The current session sees BTC up 1.19% and trading around $97,800 as bulls struggle to build momentum and reclaim $100,000. BTC’s attempts to reclaim $99,0000-$100,000 have been feeble, indicating traders remain cautious. Its inability to cross $100,000 in recent sessions has increased investor uncertainty, while tariff disputes have dampened risk appetite, further weighing the price down. There has also been a gradual withdrawal of assets from centralized exchanges. Despite these developments, BTC has shown admirable resilience. However, if bearish sentiment returns, BTC could drop to $95,000. A break below this level could see the price dip to $90,000 or even $85,000. For BTC to regain bullish momentum, it must reclaim $100,000. This could open a move towards $105,000. A break above this level could see BTC retest its all-time high. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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