Bitcoin’s Next Big Move: $117,000 or a Market Dip?

Bitcoin (BTC) has seen a week of intense price fluctuations, consolidating between $95,000 and $98,000. But according to prominent crypto analyst Burak Kesmeci, the real action lies beyond this range. Kesmeci’s analysis, shared on February 14th, pinpoints two key price levels: a resistance level at $117,000 and a support level at $94,000. The $117,000 mark, derived from the 1.6 Golden Ratio Multiplier, represents a significant resistance zone. A decisive close above this level in the Bitcoin Futures market, Kesmeci suggests, could trigger a parabolic rally in the spot market. Conversely, the 111-day Moving Average (111DMA) currently sits at $94,000. This commonly used indicator often acts as crucial support during bull runs. A weekly or daily close below $94,000 in Futures could unleash significant bearish pressure, potentially leading to a sharp price drop. While bullish factors like increasing ETF inflows, corporate crypto adoption, and positive developments in US crypto regulation could propel Bitcoin beyond $117,000, several bearish factors remain. These include potential negative macroeconomic events, such as further Fed interest rate hikes, especially given recent inflation increases.

Adding to the uncertainty, IntoTheBlock reports over $1.3 billion in Bitcoin exchange inflows, resulting in a net inflow of $1.04 billion. Large exchange inflows are often considered a bearish signal, suggesting investors might be preparing to sell. At the time of writing, Bitcoin trades at approximately $97,653, reflecting a slight 24-hour gain. However, daily trading volume has dropped significantly. The overall market remains highly volatile, and investors should approach with caution, monitoring both the $117,000 resistance and $94,000 support levels closely.