- Summary:
- Bitcoin price has recently retested sub-$100k mark but the jitters in stock markets may not necessarily be bad news for cryptocurrencies.
Bitcoin price declined for the third successive day on Monday, going to test ten-day lows of $97,750 before bouncing back to trade at $100,600 at the time of writing. Financial markets have been subdued since last Friday as the US tech industry reels from the shockwave triggered by Chinese startup, DeepSeek, in the AI space.
At its current level, Bitcoin price is unchanged from its position a week ago, signaling a range-bound market. Moreover, the crypto coin’s trading volume in the 24 hours preceding this writing was up by 196%. That shows more investors are liquidating their BTC coins. A continuation of that momentum could increase the downward pressure on the BTCUSD trading pair.
Despite the decline in BTC price, institutional adoption is on the rise. Also, 12 US states have recently initiated legislation processes to establish strategic Bitcoin reserves. Also, Bitcoin spot ETF inflows have stayed on the upside, recording net positive figures for the past seven successive trading sessions. The inflows rose sharply from $188 million on Thursday to $517.7 million on Friday. BlackRock bought $1 billion worth of BTC coins last week, raising its stake to 2.7% of total circulating global Bitcoins.
However, it’s not all gloomy. With the stock market taking a hit from the DeepSeek phenomenon, some investors could opt to invest in cryptocurrencies. That could increase the demand and add propulsion to Bitcoin price.
Bitcoin Price Prediction
The momentum on Bitcoin price calls for further decline if action stays below the $101,115 pivot level. The downward momentum will likely establish the first support at $99,410. Also, an extended control by the sellers could extend losses and test the second support at $99,850.
On the other hand, Bitcoin price will likely head to the upside if action goes above $101,115. With the buyers in control, the coin will likely move up to meet the first resistance at $102,100. However, a stronger upward momentum will break above that level and invalidate the downside narrative. Also, that momentum could extend gains and test $102,920.
