Key Points
- Bitcoin’s price has been fluctuating around $96.5K with no clear direction due to rising macroeconomic uncertainties.
- The supply of Bitcoin on centralized exchanges has increased due to low demand from US spot BTC ETF issuers.
The price of Bitcoin has been hovering around $96.5K for the past nine days, with no clear indication of its next move.
The ongoing tariff wars and macroeconomic uncertainties, particularly those related to US President Donald Trump’s campaign promises, have resulted in a steady low bullish momentum in the crypto industry.
Bitcoin and the Gold Market
The price of Bitcoin is expected to follow the Gold market, which is currently in a price discovery phase.
For the first time in the history of mankind, the daily candlestick of Gold closed above $2,927 per ounce.
As Bitcoin is often referred to as digital gold, it is reasonable to expect that the primary cryptocurrency will continue its bullish trend in the near term.
Bitcoin Whales and Centralized Exchanges
On-chain data from Coinglass reveals that the overall supply of Bitcoin on centralized exchanges (CEXs) has risen from 2.13 million on February 5, 2025, to approximately 2.23 million on Friday, February 14.
This increase in Bitcoin supply on CEXs is primarily due to a lack of demand from US spot BTC ETF issuers, which have registered a net cash outflow of over $500 million in the past three days.
Despite this, BlackRock’s IBIT has continued to accumulate, recording a net cash inflow of around $26.21 million on Thursday.
Midterm Bitcoin Price Predictions
In the last three months, Bitcoin’s price has shown mixed signals.
On one hand, it has been forming a potential double top after encountering a significant resistance level of around $109K.
On the other hand, Bitcoin’s price has shown a shift in momentum in the last week after maintaining above the support level of $95.6K.
Crypto analyst Captain Faibik has noted that for Bitcoin’s price to trigger bullish sentiment towards a new all-time high, it must consistently close above the resistance level of around $106K.
From a technical analysis standpoint, if the bullish sentiment prevails, Bitcoin’s price is aiming for at least $120K in the near term.
However, a consistent close below $95.6K will push Bitcoin’s price towards the support level of around $91K.
The Bigger Picture
The mainstream adoption of Bitcoin by nation-states could significantly change the cryptocurrency space.
Long-term Bitcoin investors, led by Strategy Inc (NASDAQ: MSTR) and Metaplanet, continue to accumulate more coins as a hedge against rising inflation and ongoing fiat devaluations.
As of now, 159 entities, led by publicly traded companies, have accumulated more than 3.1 million BTC in treasuries.
