- BTC fell below $95k as sellers intensified pressure.
- As well as the sentiment, key events to watch out for this week include tariffs news, Fed chair Jerome Powells testimony and CPI data release.
Bitcoin (BTC) has witnessed notable downside pressure since recoiling from the all-time high reached in 2024 amid Trump’s victory in the US election.
The benchmark crypto asset has broken to year-to-date highs with bulls largely unfazed. However, the past few days have seen BTC struggle below the psychological $100k level.
On Feb. 10, the price of BTC flipped negative to briefly touch lows of $94.7k. While it has bounced to above $97k at the time of writing, analysts at QCP Capital say the market is cautious.
What next for Bitcoin, altcoins
Notably, the dip that pushed Bitcoin price to lows of $94,745 appears to be more of sentiment-driven than a reflection of a fundamental shift in broader markets’ risk appetite. QCP analysts opine that volatility will remain skewed toward puts for the next couple months.
Among key things to watch out for is also Federal Reserve chair Jerome Powell’s testimony and the upcoming consumer price index data. Trump’s latest tariff move involving a 25% tariff on steel and aluminum could also fuel further uncertainty.
“A feedback loop is emerging—Trump watches the markets, and the markets test his resolve. Will this embolden him further or force a pivot?” the analysts noted, pointing to the issue of tariffs and the market reaction.
Despite the potential impact of a short term outlook, whales are strengthening to suggest long term confidence in Bitcoin performance.
According to crypto analyst and YouTuber ‘CryptoJack’, 14,000 BTC have moved on-chain to suggest whales may be making moves amid an expected bull market.
Around 14,000 $BTC aged between 7y – 10y were moved on-chain.
That’s a massive amount of older #bitcoin on the move.
Whales are moving. pic.twitter.com/x9JEEyngD0
— CryptoJack (@cryptojack) February 10, 2025
Bitcoin traded near $98k as of 11:30 am CET, with bulls likely to target $100k if positive vibes surge.