Bitcoin Price Prediction – BTC Likely to Continue Consolidating Below $98k

Highlights:

• Bitcoin trading between the $98,562 resistance and $95,247 support
• Bitcoin bears are currently pushing the price toward the $95,247 support
• Marketwide uncertainties driving Bitcoin’s ongoing price action

Bitcoin’s price has not moved much, and recent market activity has remained low. When going to press, Bitcoin traded for $95,605, a decline of 0.55% for the day. This stagnation is mainly due to uncertainties at the macro level.

Bitcoin Investors Increasingly Frustrated by Weak Price Action

Bitcoin investors have become increasingly frustrated in recent weeks as the asset lacks the movement needed to accumulate significant momentum. Price flow has been mostly stagnant, with BTC failing to break above the resistance level of $98,000. Bulls have tried multiple times but have been unable to trigger a significant breakout. 

Adding to market uncertainty, a major security breach shook the crypto space last Friday. The Bybit exchange was hacked, resulting in the theft of $1.4 billion worth of Ethereum. This news caused panic and a slight drop in Bitcoin’s price. However, Bybit soon calmed its users, which helped Bitcoin regain stability along with the rest of the market.

Despite the lack of price movement, Bitcoin trading volume has increased. In the last 24 hours, Bitcoin trading volumes increased by 53.39% to $23.9 billion. This rise in volume indicates that trader interest is still present despite those sideways movements in the market.

Institutional Investors Maintain Confidence in Bitcoin

Despite the lack of price action, bullish signals are emerging. Firms continue to commit to Bitcoin, and institutional investors show no signs of slowing down. Hong Kong investment company HK Asia Holdings Limited recently purchased nearly 9 BTC. The company’s decision follows its earlier purchase of 1 BTC, which increased share value by almost 93%. 

JUST IN: 🇭🇰 Publicly traded HK Asia Holdings Limited approved to buy more Bitcoin for its balance sheet. pic.twitter.com/YErDU3Sf1s

— Bitcoin Magazine (@BitcoinMagazine) February 23, 2025

On February 20th, HK Asia publicly claimed they purchased an additional 7.88 BTC for $761,705. This puts the firm’s total Bitcoin investment at $861,500, with an average cost per Bitcoin of $97,021. The company’s shares rose 5.7% after the purchase, continuing their steep uptrend. This purchase by HK Asia follows a trend where publicly traded firms purchase Bitcoin at a corporate level.

Montana Joins List of States Rejecting Bitcoin Reserves

However, news coming from the US could be cutting down Bitcoin’s upside momentum in the short term. There were high expectations that US states would lead the way in creating Bitcoin reserves, but these hopes are dimming. Montana’s plan to invest public funds in Bitcoin met a significant setback when a bill seeking to establish a Bitcoin strategic reserve was rejected.

Some thoughts on the recent hack(s).

There is a pattern where hackers were able to steal large amounts of crypto from multi-sig “cold storage” solutions, as with ByBit, Phemex, WazirX and potentially others. In the most recent ByBit case, the hackers were able to make the…

— CZ 🔶 BNB (@cz_binance) February 22, 2025

Montana is now joined by North Dakota, Wyoming, and Pennsylvania on the list of states rejecting Bitcoin reserve proposals. That said, interest in Bitcoin-backed reserves continues to rise across the country.

Technical Analysis – Bitcoin Price Consolidating as Range-Bound Trading Continues

Bitcoin continues trading in a range between the $95,427 support and $98,562 resistance for another week in a row. However, bears appear to be gaining momentum as the price heads towards the $95,427 support. If bears push the price through the $95,427 support, a correction to $92,000 could follow.

On the other hand, if bulls take control, the key level to watch would be the $98,562 resistance. A rally through this price level could push Bitcoin to around $100k in the short term. However, with news of some US states rejecting the idea of a Bitcoin reserve, a short-term correction is more likely.