Bitcoin (BTC) Price Prediction for February 6

Although Bitcoin’s price recently attempted to climb above $100K, it failed to sustain this level and soon dropped to immediate support lines. Over the past 24 hours, Bitcoin’s trading volume has decreased by more than 22.6%, totalling $46.26 billion.

In a broader perspective, Bitcoin fell below $100,000 on January 7 and showed a downward trend. It reached a low of approximately $89,397 on January 13. On Feb 3, Bitcoin again crashed and reached a low near $91K. However, the price has been recovering since then. Over the last 24 hours, its total market capitalization dropped by 1.04%, settling at $1.92 trillion.

Bitcoin’s Netflow Flashes Buying Signal

Bitcoin’s price is facing a bearish pressure below the $100K level despite buyers’ attempt to drive the price upward. Bitcoin struggled to maintain momentum above $100,000 as it faces repeated rejections, primarily due to increased selling pressure from short-term holders who are looking to capitalize on any small price gains.

Over the course of the last week, Bitcoin has seen a decline of 7.71% in its price, and over the past 30 days, it has seen a decline of 0.56%. Despite these negative movements, Bitcoin’s on-chain data remains positive.

Additionally, IntoTheBlock data shows Bitcoin’s netflow is at a yearly low of negative $4.85 billion, indicating more Bitcoin is leaving exchanges than entering, reducing supply and selling pressure. CryptoQuant data also reveals a sharp decline in Bitcoin’s exchange reserve, as more holders move their Bitcoin to personal storage, further limiting selling pressure.

Data from Coinglass indicates that there was a total liquidation of over $42 million in the Bitcoin market. This consisted of $26 million worth of positions liquidated by buyers and about $16 million by sellers, reflecting the volatility and the nearly balanced domination of buying and selling pressure.

However, the funding rate for Bitcoin remains at a positive 0.0054%. This suggests that buyers are still somewhat bullish and maintain a slight advantage, potentially positioning them to drive a recovery from the current price levels.

Bitcoin Price Prediction: Technical Analysis

The price of Bitcoin struggled to hold on to its momentum around $100,000, resulting in a correction toward $97K. Currently, Bitcoin is facing bearish domination around the 23.6% Fib channel but it might soon break through it. Right now, Bitcoin is priced at $97,437, having dropped by 0.45% in the last 24 hours.

The BTC/USDT trading pair is struggling around $100,000, which might pose a slight challenge. If it can stay above this level, it would be advantageous for buyers. The price could then attempt to move above $105,400, and potentially even to $109K.

On the other hand, if the price continues to hold below the EMA20 trend line on the 1-hour chart, sellers might push it back down to $95,000. However, the RSI around level 44 suggests there might be a potential rise.

Bitcoin Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BTC price might continue to struggle around $100K. If it surpasses that level, we might see $105K. On the other hand, $95K is the lower range.

Long-term: According to Coincodex’s Bitcoin price prediction, the price of Bitcoin is expected to increase by 32.29% and reach $130,255 by March 8, 2025. Coincodex’s technical indicators suggest a Neutral current sentiment, while the Fear & Greed Index also indicates a Neutral status at 49. Over the last 30 days, Bitcoin has experienced 13 out of 30 green days, with a price volatility of 4.01%. Based on this forecast, it is currently a good time to buy Bitcoin.

Investment Risks for Bitcoin

Investing in Bitcoin can be risky due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Assess their financial situation and risk tolerance.
• Consult with financial advisors if necessary.