Bitcoin Price Analysis: Traders Brace for Explosive Move — Here’s the $96K Line in the Sand – Markets and Prices Bitcoin News

Over the last hour, bitcoin held steady between $96,850 to just above $97,000, backed by a $1.92 trillion market cap, as traders weigh $12.95 billion in daily volume on Sunday against a narrow 24-hour range of $96,731 to $97,744. The leading crypto asset’s muted volatility shows a market in limbo, balancing technical indecision with pivotal support and resistance levels.

Bitcoin

Bitcoin’s daily chart on Sunday reveals a corrective phase following its all-time peak at $109,356, marked by lower highs and lows. BTC prices now stabilize near $96,000–$98,000 per unit, with dwindling volume suggesting exhausted selling pressure. Key support lies at $89,000–$91,000, where previous bounces occurred, while the psychological $100,000 level acts as a stiff resistance. A close above $100,000 with strong volume could reignite bullish momentum, whereas failure to hold $96,000 risks a retest of $91,000.

BTC’s 4-hour chart highlights rejection at $98,871 and consolidation between $96,000 and $98,000, with small candles reflecting trader indecision during a no-action weekend. Trade volume is lower than last week. Immediate resistance sits at $98,500–$99,000.

Meanwhile, the 1-hour BTC/USD chart shows gradual selling pressure, with bitcoin testing $96,686 before weak rebounds. Volume spikes here signal dominant supply, keeping resistance firm at $97,900–$98,000 per bitcoin. A break below $96,500 could accelerate declines toward $95,500, per intraday analysis.

Bitcoin’s technical indicators (1D chart) present a conflicted outlook as of Feb. 16, 2025. The relative strength index (RSI) at 46 and Stochastic at 53 signal neutrality, while the commodity channel index (CCI) at –48 and the average directional index (ADX) at 28 suggest a lack of trend strength. However, bearish momentum is evident in the awesome oscillator (–3,195), momentum at 523, and moving average convergence divergence (MACD) at –880, all flashing sell signals. This divergence underscores a market grappling for direction after a 24-hour trading range of $96,731 to $97,744.

Shorter-term moving averages reinforce near-term caution at press time. The exponential moving average (EMA 10) at $97,425 and simple moving average (SMA 20) at $98,618 both indicate unsavory signals, reflecting resistance overhead. However, longer-term averages like the EMA 100 ($93,799) and EMA 200 ($84,791) show positive signals, hinting at underlying bullish support. The clash between short-term bearishness and long-term optimism mirrors bitcoin’s current consolidation phase between $96,000 and $98,000, as seen on the daily chart.

Bull Verdict:

A decisive close above $100,000 with much stronger volume could validate bullish momentum, leveraging long-term support from the exponential moving average (EMA 200) at $84,791 and a potential shift in market sentiment. Stabilization near $96,000–$98,000, coupled with weakening selling pressure on the daily chart, suggests accumulation, positioning bitcoin for a rally toward $102,000+ if upper resistance cracks.

Bear Verdict:

Failure to hold $96,500 risks a cascading decline toward $94,000–$91,000, reinforced by bearish signals from the awesome oscillator, momentum, and MACD as well. Rejections at $98,871 (4H) and overhead resistance from short-term moving averages (EMA 10 at $97,425) highlight persistent selling pressure. A breakdown here would confirm the corrective phase’s continuation, prioritizing downside targets.

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