Market Direction

Will BTC hold $95.7K support?

Published: Feb 10, 2025

Bitcoin ($BTC) is attempting to reclaim $98.9K, but resistance remains strong. Alts and meme coins are struggling, and a key retest of $91K is possible. Will BTC break out or head lower?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

BTC:

BTC's Open Interest has kicked up from the lows, but only very slightly. Since the last week of December (OI highs), OI has reset by approximately 15%.
BTC's Funding Rate has been fluctuating around neutral but it is gradually moving up to 0.01%.
Overall, this is a positive leverage environment and we have seen a flushing out of the froth that did exist towards the end of 2024.

BTC's open interest (by number of coins):

1. Bitcoin Futures Open Interest chart showing BTC price trend in yellow and open interest in green, reflecting market leverage and positioning.

Technical analysis

BTC has found some support at the horizontal support of $95,700.
Price is now attempting to put in a small bounce, with price moving into the horizontal resistance of $98,900.
If $98,900 can be broken to the upside, then the next level of resistance to watch would be $101,500 to $102,300.
The RSI is in the middle territory but it is now butting up into the underside of it's moving average.

2. Bitcoin daily chart with key support and resistance levels, trendlines, and RSI indicator, highlighting potential breakout and downside targets

Next Support: $95600
Next Resistance: $98,900 (then $102k)
Direction: Neutral/Bullish
Upside Target: $102,000
Downside Target: $91,700

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Cryptonary's take

It is still our expectation that BTC is in a downward trend to sideways chop for the upcoming weeks, and maybe months. We view the current move as a slight relief rally.

This is less the case for BTC, but particularly the case for Alts and Memes. In order for us to consider changing our stance, we'd need to see a convincing break of $104k or to see a real rapid change in the macro, which we're currently not expecting. We still expect $87k to $91k to be retested in the coming weeks.

For the traders; if BTC reaches $102k to $104k, this may open the door for a trade opportunity. A Short. However, if the price reaches those levels, we'll reassess at the time also.