- Summary:
- Bitcoin price has rejected an extended decline below a key support mark and retested $95k on Friday and key metrics signal bullishness.
Bitcoin price returned to the upside on Friday, gaining 2.5% at the time of writing to trade at $94,888. The coin broke a three-day losing streak, holding off pressure near the six-week support level at $92k to signal a potential reversal. However, BTC was still down by 2 percent on the weekly chart, signaling downward-leaning momentum.
What’s moving Bitcoin price?
Despite its recent troubles, Bitcoin continues to attract substantial ETF activity. According to analytics site, Coinglass, the crypto coin had $3.57 billion in ETF trading volume in the 24 hours preceding this writing.
Despite the confidence surrounding the impact of Donald Trump’s tenure on the cryptocurrency industry, concerns over his economic policies have led to the current BTC price pullback.
Trump has stated that he will impose tariffs on targeted imports and analysts predict that his policies are likely to increase government spending. These will keep interest rates elevated, which is a disincentive to holding high-risk assets like Bitcoin. Nonetheless, the impact could be offset by increased institutional adoption of BTC and a potential creation of a Federal strategic Bitcoin reserve.
Meanwhile, there has been a significant spike in whale activity involving Bitcoin. According to IntoTheBlock, the number of transactions valued at $100,000 or more jumped from 9,429 to 11,484 in the last seven days. In total, whales transacted $141 billion worth of Bitcoin. That shows a strong trend whose continuation could inject stronger volatility into the Bitcoin price trajectory.
Bitcoin Price Prediction
On the chart below, the momentum indicator signals the likely continuation of the upside trajectory by Bitcoin price if it stays above the pivot mark at $94,125. With the buyers in control, immediate resistance is likely to be at $95,625. However, a continuation of the momentum could break above that barrier and test $97,010.
Alternatively, BTCUSD momentum will shift to the downside if it breaks below $94,250. If that happens, immediate support is likely to be at $93,110. Breaking below that level will invalidate the upside narrative. Also, that could pave the way for the BTC price to test $92,100.
