Spot Demand For Bitcoin Reaches Record Levels

Bitcoin maintains its position around 98,000 dollars at the opening of Wall Street on February 6, while analysts closely scrutinize technical indicators to anticipate the next direction of the market.

Bitcoin experiences strong demand at 98,000 dollars

The bitcoin maintains its stable position in the spot market around 98,000 dollars, just below the symbolic barrier of 100,000 dollars. Data from Cointelegraph Markets Pro shows a significant premium in the spot market compared to derivatives, indicating strong interest from direct buyers.

This strength is mainly explained by two factors: the launch of spot Bitcoin ETFs and massive purchases by companies like MicroStrategy, which now holds more than 218,000 BTC. According to analyst Daan Crypto Trades, this flow into institutional hands could lead to a tightening of supply, favoring a new bullish impulse.

Popular trader Jelle remains confident on X: “Our objective is clear: 100,000 dollars. The price consolidates at the median level of the range. Once this level is surpassed, we will target 110,000 dollars.” This analysis aligns with the consensus among professionals who anticipate further increases.

Promising technical signals despite geopolitical risks

Technical analysis reveals promising signals, particularly at the level of the relative strength index (RSI). Rekt Capital, a recognized analyst, highlights the formation of a tightening channel on the daily RSI, suggesting a potential bullish breakout ahead.

However, QCP Capital takes a more cautious stance, warning about geopolitical risks, notably the trade tensions between the United States and China. The trading firm notes that the lack of new market-specific catalysts could leave bitcoin vulnerable to negative price shocks.

In light of these uncertainties, experts recommend cautious position management, particularly after the significant liquidations recently observed. Nevertheless, bitcoin’s resilience above 90,000 dollars reflects the strength of the current bullish trend.