Key Notes

Key Notes:

Bitcoin price could soon follow gold price action, which has been hitting new all-time highs every week.Whale investors have not aggressively accumulated Bitcoins, thus weighing down the bullish sentiment.

Bitcoin price BTC $96 656 24h volatility: 1.2% Market cap: $1.92 T Vol. 24h: $18.59 B has continued to oscillate around $96.5K in the past nine days without a clear signal of the next move. The mid-term low bullish momentum in the crypto industry has persisted amid the rising macroeconomic uncertainties triggered by the tariff wars as US President Donald Trump attempts to deliver his campaign promises.

However, Bitcoin price will eventually follow the Gold market, which has been in the price discovery phase. For the first time in Gold history with human civilization the daily candlestick closed above $2,927 per ounce.

With Bitcoin deemed as digital gold, it is safe to assume the flagship coin will eventually continue in bullish sentiment in the near term.

According to on-chain data from Coinglass, the overall supply of Bitcoin on centralized exchanges (CEXs) has increased from 2.13 million on February 5, 2025, to around 2.23 million on Friday, February 14, during the early European session.

The rising supply of Bitcoin on CEXes is largely driven by the low demand from the US spot BTC ETF issuers. In the past three days, the US spot BTC ETFs have registered a net cash outflow of over $500 million.

Nonetheless, BlackRock’s IBIT has continued to accumulate, whereby it recorded a net cash inflow of about $26.21 million on Thursday.

In the past three months, Bitcoin price has depicted mixed signals. On the one hand, Bitcoin price has been forming a potential double top after experiencing a major resistance level of around $109K. With the weekly Relative Strength Index (RSI) forming a bearish divergence, the risks of a market reversal heightened.

On the other hand, Bitcoin price has experienced a momentum change in the last week after holding above the support level of $95.6K. According to crypto analyst alias Captain Faibik, Bitcoin price, in the daily time frame, has been forming a bullish pattern, which can be characterized by both triangular and wedge patterns.

In both scenarios, the crypto analyst noted that Bitcoin price must consistently close above the resistance level of around $106K to trigger bullish sentiment towards a new all-time high. From a technical analysis standpoint, Bitcoin price is aiming for at least $120K in the near term if the bullish sentiment prevails.

$BTC Both the Ascending Broadening Wedge & Ascending Triangle Patterns Are Still in Play! 🚀

Wedge Pattern: If Bitcoin bounces from this level and clears the 106k key Resistance, it could rally toward 120-124k in the Coming days.

Triangle Pattern: A breakout above 106k… pic.twitter.com/CkHyuJOH6B

— Captain Faibik 🐺 (@CryptoFaibik) February 14, 2025

However, a consistent close below $95.6K will push Bitcoin price towards the support level of around $91K. As Coinspeaker previously noted, the support level of around $91K is not robust enough to prevent a capitulation towards $85K or $75K.

The mainstream adoption of Bitcoin by nation-states will be a major game changer in the cryptocurrency space. The long-term Bitcoin investors led by Strategy Inc (NASDAQ: MSTR) and Metaplanet have continued to accumulate more coins to hedge against rising inflation and ongoing fiat devaluations.

As of this writing, 159 entities led by publicly traded companies have accumulated more than 3.1 million BTC in treasuries.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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