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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) is stuck in a consolidation phase near $97,000 as higher-than-expected inflation data dims hopes for imminent Federal Reserve rate cuts. The Consumer Price Index (CPI) rose 0.5% in January, marking its sharpest increase in a year and exceeding the 0.3% forecast.
Federal Reserve Chair Jerome Powell reaffirmed the central bank’s cautious stance, emphasizing the need for clearer signs of easing inflation before considering any rate cuts.
This sentiment has put downward pressure on Bitcoin, as the asset tends to perform better in low-rate environments.
A Reuters survey now indicates a potential delay in Fed rate cuts until the latter half of 2025, pushing back earlier expectations for a March decision.
Goldman Sachs Doubles Down on Crypto ETFs
Despite short-term market uncertainty, Goldman Sachs has significantly increased its crypto ETF holdings. The firm’s latest SEC filings show a 114% jump in Bitcoin ETF exposure to 1.52 billion and a remarkable 2,000% surge in Ethereum ETF holdings, totaling 476 million.
Most of Goldman’s investments were directed toward BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Ethereum Fund (FETH), while it scaled back positions in ETFs managed by Bitwise, WisdomTree, and Invesco-Galaxy.
This aggressive move reflects growing institutional confidence in Bitcoin’s long-term prospects, even as short-term price action remains uncertain.
- Goldman Sachs boosted Bitcoin ETF holdings by 114% to $1.52 billion, signaling strong institutional confidence.
- Major investments went into BlackRock, Fidelity, and iShares funds, while positions in Bitwise, WisdomTree, and Invesco-Galaxy were exited.
- BTC may see investor interest rise, but economic uncertainties could cap gains.
Bitcoin Eyes Triangle Breakout: Technical Analysis
Bitcoin‘s price action forms a symmetrical triangle pattern on the 2-hour chart, signaling a potential breakout. Currently trading at 97,050, BTC faces immediate resistance near 98,100. A decisive break above this level could pave the way toward the psychological barrier of 100,000.
Conversely, support lies at 95,300. A downward breakout below this mark may trigger a deeper slide to 93,365. The 50-period SMA, sitting at 96,832, continues to act as dynamic resistance, adding to Bitcoin’s short-term challenges.
Bitcoin Outlook: Volatility Ahead
As the symmetrical triangle approaches its apex, Bitcoin traders should remain vigilant. The upcoming Producer Price Index (PPI) release may provide fresh market direction, with inflation data playing a critical role in shaping Bitcoin’s next move.
While long-term fundamentals remain strong, near-term volatility appears inevitable amid economic uncertainty.
Key Insights:
- Resistance: 98,100; next target: 100,000
- Support: 95,300; critical level: 93,365
- Pattern: Symmetrical triangle; breakout likely soon
Bitcoin’s trajectory hinges on the Fed’s next move and institutional interest. The battle around the 97,000 mark may define its direction in the coming weeks.
BTC Bull: Earn Real Bitcoin Rewards
Missed out on Bitcoin’s early days? BTC Bull ($BTCBULL) offers a second chance to earn real Bitcoin through automatic airdrops as BTC hits key price milestones.
This meme-powered, community-driven token has captured significant attention, raising $100K within minutes of its launch and now surpassing $1.2M in presale funds.
The project stands out by rewarding holders with Bitcoin whenever the price of BTC reaches predefined targets. This unique approach provides a tangible incentive to participate early and stay invested.
Additionally, BTC Bull introduces a staking feature with an impressive 363% annual yield, allowing users to generate passive income while supporting the token’s growth. The presale is currently live, with tokens available at $0.00236 each.
With over $1.33M already raised and a price increase just around the corner, now is the ideal time to secure your share of $BTCBULL and maximize potential rewards. The staking pool currently holds 345,910,413 $BTCBULL, with estimated rewards at 304% per year.
