4 reasons that Bitcoin are optimistic for more than $ 98K at BTC price

Bitcoin has made a few drops of less than $ 98,000 since early November 2024, but it has been able to reconstruct this level and often have a new highs.

BTC (Bitcoin) currently owns more than $ 98,000, and some technologies and onchain metrics are pointed out as an additional increase in BTC in the short term.

Bitcoin is small on the exchange

One factor that supports the rise of Bitcoin is the reduction of the exchange of the exchange. The BTC balance of the exchange has decreased by 13% from 3.1 million BTC on August 9, 2024, on February 5, 2024.

This decline rose 62% for the same period.

When BTC investors move funds from Centralized Exchange (CEX) wallets to their own wallets, this indicates that it is lacking in sales when expecting future prices.

More than 17,000 BTCs were withdrawn on February 5, of which 15,000 BTCs were withdrawn from Coinbase, a US -based exchange.

This means the withdrawal of the largest Bitcoin exchange since April 2024, Bitwise’s European Research Officer André Dragosch added:

“Whales are buying this dip.”

Similar observations were made at Market Intelligence Firm Santiment, pointing out that whales are accumulating after the latest price cut of Bitcoin.

“This is an ideal setting for the market cap of encryption. It is ideal even if it takes more weeks (or months) to see an optimistic effect by a whale.”

US dollar weakness

Following Donald Trump’s tariff threats to Canada and Mexico, the US dollar index (DXY), which decreased 1.7% from 109.51 to 107.673 on February 3, decreased 1.7% from February 3 to 109.51 to 107.673.

Subsequent pause for tariffs between Mexico and Canada brought some slogans to the market on February 5, with DXY recovering at the lowest at 106.91.

Encryption influenza Lark Davis added:

“$ DXY continues to fall and you can display the following legs of Crypto Bull Market with all optimistic catalysts such as SBR & Nation-State Bitcoin FOMO.”

Spot Bitcoin ETF inflow is powerful

The BTC Price has also increased by the US -based SPOT BITCOIN ETF, which has a $ 2.5 billion inflow over the past two weeks.

In fact, the investment product has attracted $ 40 billion in capital since its debut in the US on January 11, 2024.

As BTC increased by more than 133% in 2024, the increase in institutional demand is encouraging because it was considered a key part of last year’s bitcoin appeal.

relevant: The bitcoin chart signal is a ‘decisive price movement’ in a few weeks: Analysts

This is reflected in all other Bitcoin products, and the latest digital asset fund flow weekly flows on Coinshares on January 31, the coinshares flows to a total of $ 480 million in BTC investment funds. ) The weekly report flow was pointed out.

US $ 527m inflow is inflow, but transaction tariffs and #Deepseek News that affects investors.

Digital Asset Investment Products showed a total of $ 527 million last week. @Bitcoin‘S #Btc The short Bitcoin has seen a total of $ 3.7 million.@ripple‘S… pic.twitter.com/pp4se09jje

-Coinshares (@coinsharesco) February 3, 2025

Bitcoin’s bull flag points a greater increase.

Despite the drop in the price of the BTC earlier this week, you can see the bull flag on the weekly chart, which suggests the continuation of the upward trend.

Bitcoin Bulls focuses on flipping the upper limit of the flag to $ 101,800. Weekly candlesticks close to this level will signal an optimistic escape from the chart formation and expect the rally to $ 167,000. Such movements rose 70% at the current price.

The location of the relative robbery index of 63 also suggests that market conditions still prefer to rise.

This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.