CandleFocus BTC briefly touches $94k amid sentiment-driven dip
2025-02-10
Author: Content Editor
Bitcoin has experienced a decline in price since reaching an all-time high in 2024 after the US election. Despite breaking year-to-date highs, the cryptocurrency has struggled to surpass $100k. On February 10, it briefly dropped to lows of $94.7k before bouncing back to over $97k. Analysts at QCP Capital believe the market is currently cautious with volatility leaning towards puts in the next few months. Factors such as Federal Reserve chair Jerome Powell's testimony and consumer price index data, as well as Trump's tariff move, could contribute to further uncertainty. However, despite short-term fluctuations, whales are showing confidence in Bitcoin's long-term performance, as evidenced by the movement of 14,000 BTC on-chain. As of now, Bitcoin is trading near $98k, with a potential target of $100k if positive sentiment prevails.
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