The price of Bitcoin (BTC) remains just below $105,000 showing no indications of its next movement. While a breakout could spark bullish momentum and revive the excitement around this crypto bull run, it is also pertinent that market bulls resist further decline to certain price levels.
Bitcoin Must Hold Above $97,877 To Preserve Uptrend
Following a significant price correction in December 2024, Bitcoin appears to have regained its bullish form in 2025 surging to even establish a new all-time high of $109,114 as Donald Trump assumed office as US President.
Currently, the flagship crypto asset trades below $105,000 following a series of significant gains and losses over the last week. Amidst this market uncertainty, popular crypto analyst Ali Martinez has highlighted a price support level vital to sustaining Bitcoin’s current bullish structure.
In an X post on January 25, Martinez states that investors accumulated over 101,000 BTC at $97,877, converting this price zone into a key support level. Therefore, Bitcoin price must hold above this level to ensure a continuation of the current uptrend.
Notably, the accumulation of a massive volume of BTC at $97,877 indicates strong market confidence among investors. Converting this high market price into a potential price floor for Bitcoin suggests expectations of a prolonged bullish phase and higher profit levels.
Interestingly, certain technical indicators also support this bullish sentiment. Based on Bitcoin’s daily trading chart, its Relative Strength Index sits at 60.83 indicating the premier cryptocurrency still has much room for growth before entering the overbought zone and experiencing a price reversal.
However, if BTC loses its support level at $97,877 due to overwhelming selling pressure, this price dip would signal a broader market retracement paving the way for a free fall to around $92,800 at which lies the next significant support zone.
BTC Investors Show Strong Demand With High CEX Outflows
In other news, blockchain analytics platform IntoTheBlock reports that centralized exchanges (CEX) have recorded $800 million in Bitcoin net outflows over the past week.
This development suggests a high demand by BTC investors who are acquiring and moving BTC to private wallets in anticipation of future gains. Importantly, a declining supply of BTC on exchanges reduces the potential of any significant selling pressure that would negatively impact prices.
At press time, Bitcoin exchanges hands at $104,805 reflecting a minor 0.15% decline in the past day. Meanwhile, daily trading volume is down by 53.81% and valued at $25.5 billion. Despite these metrics, the Bitcoin community remains largely bullish according to poll data from CoinMarketCap. With a market cap of $2.07 trillion, the maiden cryptocurrency retains 57.7% dominance of the total digital asset market.
Featured image from FinanceFeeds, chart from Tradingview
