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Bitcoin Holds Firm Above Trendline as Analysts Eye $100,000 Reclaim

Jonathan Carls by Jonathan Carls
February 10, 2025
in Binance Feed, Market
Reading Time: 4 mins read
Bitcoin Holds Firm Above Trendline as Analysts Eye $100,000 Reclaim
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  • Bitcoin faces strong resistance near $97,900, with $100,000 as the key target.
  • Growing derivatives activity signals increasing investor interest in Bitcoin.
  • RSI and MACD indicators suggest potential for bullish reversal in the near term.

Bitcoin (BTC) remains resilient despite recent market fluctuations, with analysts pointing to strong support levels. CryptoJelle, a well-known analyst, noted that Bitcoin continues to hold above the trendline it previously broke earlier this year. The primary objective for BTC remains reclaiming the $100,000 mark, with expectations of new all-time highs once that milestone is achieved.

#Bitcoin straight up refusing to drop below the trendline we broke earlier this year.

Objective remains to reclaim $100,000.

Sights on new all-time highs once that's done. pic.twitter.com/ZI3l2GrPWT

— Jelle (@CryptoJelleNL) February 10, 2025

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Bitcoin’s Current Market Standing

As of press time, Bitcoin trades at $97,786.14, reflecting a 0.83% price increase in the last 24 hours. Over the past week, BTC has gained 2.47%, supported by a 24-hour trading volume of $36.25 billion. With a circulating supply of 20 million BTC, the market capitalization now stands at $1.93 trillion.

The Fear & Greed Index sits at 43, suggesting neutral sentiment among traders. Analysts believe this indicates ample room for Bitcoin to grow, provided bullish momentum strengthens in the coming sessions.

Source: X

Key Resistance and Support Levels

Bitcoin faces significant resistance near $97,900, a price level that could challenge further upward movement. Beyond that, $100,000 remains a key psychological barrier, having been tested multiple times. If BTC breaks through this resistance, analysts foresee a push toward fresh all-time highs.

On the downside, support levels remain firm. The $95,000 mark has acted as a cushion during recent pullbacks, while a stronger support level near $90,000 aligns with previous consolidation phases. These levels could play a crucial role in preventing further declines.

Derivatives Market Shows Growing Activity

According to Coinglass data, Bitcoin’s derivatives market is experiencing increased activity, signaling heightened investor interest. Derivatives volume surged by 88.14%, reaching $64.83 billion, while open interest rose 1.87% to $59.74 billion. Options trading also saw substantial gains, with volume rising 85.04% to $1.40 billion. Meanwhile, options open interest climbed slightly by 0.60% to $31.51 billion.

Technical Indicators Suggest Potential Reversal

BTC/USD daily price chart, Source: Trading view

The Relative Strength Index (RSI) currently stands at 45.94, indicating neutral to slightly bearish momentum. While it remains below the midline of 50, an upward movement could signal a shift toward bullish momentum.

The Moving Average Convergence Divergence (MACD) histogram remains negative, though it is narrowing. This suggests weakening bearish pressure, potentially paving the way for recovery. The MACD line remains below the signal line, but a crossover could confirm a bullish reversal in the near term.

Tags: Bitcoin (BTC) NewsPrice Analysis

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