Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level
13 February 2025 - 4:00AM
NEWSBTC
Bitcoin (BTC) continues to move within its one-week range after
recovering from its recent drop to $91,000 but has failed to
reclaim support above the $98,000 mark. Some analysts consider that
BTC’s sentiment will remain neutral while it regains this support
zone and builds up momentum toward a new high. Related Reading:
Ethereum Holds ‘Bounce Or Die’ Level: Rebound To $4,000 Could Be
Near Bitcoin Price Stability Could Lead To $101K Reclaim Following
the start-of-February market correction, Bitcoin has been moving
within the $96,000-$99,000 price range. The flagship cryptocurrency
has recovered from its momentary fall to $91,000 and found support
within its one-week range, only dropping 2% during this Sunday’s
market retrace. The largest cryptocurrency has been hovering
between $90,000 and $108,000 since the US Elections pump, moving in
the mid-zone of its four-month price range for most of this period.
Crypto analyst Rekt Capital pointed out Bitcoin’s positive
performance, as it “continues to enjoy price stability” above a
diagonal trendline support, a previous one-month downtrend line,
broken during the latest all-time high (ATH) breakout. Since the
DeepSeek-triggered correction, Bitcoin recorded price advances
“that have been quickly getting canceled out, as evidenced by the
recent upside wicks.” However, BTC’s price continued to hold the
diagonal trendline as support over the week, which is necessary to
build further momentum. According to the analyst, “As long as it
continues to hold, the price will be positioned for a revisit of
$101k over time.” After its most recent price action, BTC needs to
reclaim the $97,700 mark to “build on this reversal with additional
follow-through.” To achieve this, the flagship cryptocurrency must
print a daily close above this level and reclaim it as support to
build on its momentum toward the $101,000 resistance. BTC Remain
Bullish in Higher Timeframes Daan Crypto Trades highlighted BTC’s
range hasn’t changed, as it continues to move sideways while many
altcoins have been losing ground. According to the X post, Bitcoin
is consolidating while attempting a breakout on the lower
timeframes. If the flagship crypto reclaims the highs from last
week’s initial bounce, above the $100,000 barrier, BTC’s market
structure will flip around. Daan stated BTC’s momentum is “pretty
neutral” in the short term while bullish in the higher timeframes.
Additionally, he pointed out that risk on sentiment will return
once Bitcoin goes back into price discovery. According to Rekt
Capital, BTC’s Second Price Discovery Uptrend should come in the
next few weeks, as the cryptocurrency is trying to “trend reverse
out of its 1st Price Discovery Correction,” which started in
December. Related Reading: Can Bitcoin Hold $97K? – 1-3 Month
Holders’ Data Reveals Crucial BTC Demand Bitcoin has historically
begun its second leg up around the 16th week of its Post-Halving
Parabolic Phase, suggesting Bitcoin could start its next run to new
highs soon. Moreover, February has also been a historically
positive month for the flagship crypto. Several analysts have
pointed out that BTC’s post-halving year performance has generally
been favorable during Q1, generally struggling throughout the first
few weeks of the year but gaining momentum throughout February and
March. As of this writing, Bitcoin trades at $96,091, a 1.2%
decrease in the daily timeframe. Featured Image from Unsplash.com,
Chart from TradingView.com
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