Bitcoin's price has been on a downward trend since January 7, but it has started to recover. The total market capitalization of Bitcoin has risen by 1.03% in the last 24 hours. Analysts have noticed that as the price of Bitcoin rises, the likelihood of establishing a Bitcoin reserve also increases. However, the large transaction volume of Bitcoin has been declining, indicating a decreased interest in trading among whales. This may lead to a correction in the price. The funding rate of Bitcoin remains positive, suggesting that buyers still have an advantage in bouncing back. The price of Bitcoin is attempting to hold above $107K-$108K, but there is selling pressure. If it can break above $108,000, it might surge to $111,000. Short-term predictions suggest struggles around $107K or a retest of $104K. Long-term predictions suggest a rise in price to $131,278 by February 2025. Coincodex recommends purchasing Bitcoin now but highlights the risks due to market volatility.



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