Highlights:
- Bitcoin range bound as investors wait for price action clarity
- Bullish sentiment around US pro-crypto stance could trigger rally to $100k
- Fears of declining demand could trigger correction to $94k or lower
Bitcoin has seen minor gains today, continuing its week-long trend of marginal upward movement. At the time of writing, Bitcoin was trading at $97,239, marking a 1.47% increase in the last 24 hours. BTC’s intra-day price action indicates that there is indecision within the market. Currently, investors are confused regarding the next significant price movement for Bitcoin.
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Bitcoin Bulls Led by Michael Saylor’s Notable Sentiment
Michael Saylor remains one of the bullish bets against Bitcoin’s impending breakout. The MicroStrategy co-founder has remained optimistic, declaring that he would invest an additional $1 billion in Bitcoin should it reach $1 million per coin.
MicroStrategy has been raising funds to purchase additional Bitcoin, demonstrating confidence in the asset’s long-term value. With their prominence in the Bitcoin ecosystem, MicroStrategy’s ongoing acquisition of Bitcoin could bolster sentiment and lead to a breakout soon.
“When #Bitcoin is $1 million a coin, I bet you I’ll buy $1 billion of it, probably in one day.”
– Michael SaylorNothing stops this train 🚀 pic.twitter.com/O6MSDJHK8r
— ⚡₿itcoinTeddy⚡ (@Bitcoin_Teddy) February 19, 2025
Increased Bitcoin Support from Different Sectors
Support from regulators has had a positive impact on the crypto sector. In his recent remarks, President Donald Trump disclosed his dedication to making the U.S. the “cryptocurrency capital of the world.”
His pro-crypto sentiment suggests that BTC has the US government’s support, which could potentially boost its price action in the future. The surge in political backing for crypto and Bitcoin in the U.S. could drive institutional investment, which, in turn, greatly increases the likelihood of a price rally.
JUST IN: 🇺🇸 President Trump said "Bitcoin has set multiple all time record highs because everyone knows I'm committed to making America the crypto capital. pic.twitter.com/yhVyPCVFbX
— Bitcoin Magazine (@BitcoinMagazine) February 19, 2025
Increasing Adoption by Institutions Driving Bullish Sentiment
There is also the fact that more global institutions are adopting BTC. Abu Dhabi’s sovereign wealth fund recently made news after buying $436 million worth of BlackRock’s spot Bitcoin ETF in the last months of last year. This is part of the increasing institutional adoption trend, where new players from established economies join the crypto industry.
Some experts have referred to this development as the starter pistol in a “race for Bitcoin adoption”, with many nations and large organizations trying to position themselves first in the market.
It has begun!
ABU DHABI'S SOVEREIGN WEALTH FUND BOUGHT OVER $400 MILLION IN #BITCOIN ETFS
Ladies and gentlemen, welcome to the nation-state Bitcoin adoption race. pic.twitter.com/ch7lbDiBSk
— Sina 🗝️⚡ 21st Capital (@Sina_21st) February 14, 2025
BTC Faces Rising Fears of Market Manipulation
However, not everyone is convinced of the bullish return that Bitcoin promises. The lack of volatility is raising concerns about price manipulation. While speaking at the Consensus Hong Kong crypto conference, Samson Mow, the CEO of Jan3, stated that Bitcoin’s price action is so erratic that it looks “manufactured.”
Adding to the fear, analysts have cited many external reasons that could influence the price. Furthering these bearish sentiments, Bitcoin is nearing a death cross-chart pattern associated with an impending decline.
Network Indicators Suggest Bitcoin May Fall Further
Different network indicators suggest serious possibilities for a drop. CryptoQuant Analysts have observed a decrease in Bitcoin demand, network activity, and liquidity, which can lower prices. The bounce back from the $93,000 mark in BTC on Tuesday was very short-lived, and experts suggest that without enough demand, Bitcoin could reach lows of $86,000. Alongside falling demand, Bitcoin’s network activity is suffering as well.
ETF activity is slowing.
US ETF buys dropped from +18K in early November to -1K today.
Bitcoin rallies are unlikely at these levels. pic.twitter.com/wAxPLY9KSF
— CryptoQuant.com (@cryptoquant_com) February 19, 2025
According to CryptoQuant, the Bitcoin Network Activity Index has declined 17% from its peak in November 2024, reaching its all-time low for the last year. Lesser transactions on the Bitcoin network mean lower investor participation and less aggressive speculation, both critical to price movement.
Technical Analysis – BTC In an Uptrend But Yet to Break Resistance
Bitcoin is making quite a strong showing in the hourly charts. However, the price must push through the $98,562 resistance for bulls to be clear. A rally through this price level could pave the way for a rally back to $100k.
However, if bearish sentiment increases and there is a dip, the key level to watch would be the $95,247 inter-day support. A drop below this price level could cause the BTC to drop to $94,000 in the short term.
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