Bitcoin’s price is hanging around $105,000, and nobody’s quite sure what’s next. A breakout could send it soaring, but it needs to hold a crucial support level to keep the bullish momentum going.
Holding the Line: $97,877
After a price correction in late 2024, Bitcoin roared back in 2025, even hitting a new all-time high of $109,114. Now, it’s trading slightly below $105,000. Crypto analyst Ali Martinez points out a key support level at $97,877. Why? Because a huge amount of Bitcoin (over 101,000 BTC) was accumulated around that price. If Bitcoin stays above $97,877, the uptrend should continue. This massive accumulation shows strong investor confidence and suggests a belief in further price increases.
Technical indicators back this up. Bitcoin’s Relative Strength Index (RSI) is at 60.83, meaning there’s still room to grow before it gets “overbought” and potentially reverses.
However, if Bitcoin falls below $97,877, it could trigger a bigger drop, potentially down to around $92,800.
Strong Investor Demand: Bitcoin Exits Exchanges
Adding to the bullish sentiment, data shows that $800 million worth of Bitcoin left centralized exchanges (CEXs) last week. This means investors are moving their Bitcoin to private wallets, suggesting they’re holding onto it for potential future gains. Less Bitcoin on exchanges means less potential selling pressure, which is good for the price.
The Current Situation
At the moment, Bitcoin is trading at around $104,805, down slightly from the previous day. Trading volume is down, but the overall sentiment within the Bitcoin community remains bullish, according to polls. Bitcoin’s market cap is a massive $2.07 trillion, and it still dominates the crypto market with a 57.7% share.
