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Bitcoin

Bitcoin Support Level Retested While Traders Bet on $102K Surge

2 mins mins

Key Points:

  • Bitcoin support levels are critical, ranging between $92,000 and $95,000.
  • Traders are buying dips, showing positive sentiment in the market.
  • Anticipated targets include $97,000, with bullish expectations reaching $102,000.
Bitcoin Support Level Retested While Traders Bet on $102K Surge

The key support level for Bitcoin is currently positioned between $92,000 and $95,000. Traders are actively monitoring this range as it serves as a foundation for potential price fluctuations. If Bitcoin holds above these levels, the next target is projected at $102,000, which traders are keenly observing.

Bitcoin Support Level at $92K-$95K Signals Potential $102K Rally

Various factors are currently influencing market sentiment regarding Bitcoin. Despite recent developments in tariff news, the cryptocurrency community remains generally positive.

According to market analyst Greeks.Live, traders are seizing opportunities by purchasing dips and employing strategies such as buying call spreads and ratio options.

The market focus is positioned on support levels between $92,000 and $95,000. Analysts predict that Bitcoin may reach $102,000, with an intermediate target of approximately $97,000.

Reports indicate that many traders have initiated naked call positions around the $97,000 mark while selecting narrower strike prices, ranging from $96,000 to $100,000, in an effort to reduce costs.

Bitcoin Price Daily Chart (Published on February 10, 2025)
Bitcoin Price Daily Chart (Published on February 10, 2025). Source: TradingView

After surpassing $100K, Bitcoin (BTC) corrected and stabilized in the $92,000-$98,000 range. As of this writing, BTC is trading at $97,925.49, with recent fluctuations between $95,357.61 and $98,061.44.

Bitcoin is Supported By Mathematics, Not Government Backing

President Donald Trump’s tariffs on steel and aluminium imports have triggered significant volatility in the cryptocurrency market, leading to Bitcoin’s price dropping to around $96,070. The 25% levy has adversely impacted commodity currencies and fueled a risk-off sentiment among investors.

In a recent post on X by Cointelegraph, David Sacks, who holds the position of AI and Crypto Czar in the Trump administration, asserted that Bitcoin is fundamentally underpinned by mathematical principles rather than government backing.

Sacks, who has significant experience as a tech entrepreneur and investor, regards cryptocurrencies such as Bitcoin and Ethereum as embodiments of financial innovation. He advocates for regulatory policies that reflect the dynamic nature of the digital asset landscape, including stablecoins.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Akinyemi Okedeji Amoo

10 February 2025, 10:45:58 GMT +0000

Akinyemi Okedeji Amoo, known as Tony, is a seasoned Web3 content strategist specializing in crypto journalism, PR, and SEO-driven content marketing. With six years of experience in cryptocurrency media, he has crafted high-impact presale articles and educational content that bridge the gap between blockchain innovation and mainstream adoption.

Passionate about blockchain’s role in reshaping global finance, Tony positions himself as a thought leader, delivering in-depth analyses and compelling narratives. At Coincu.com, he leverages his expertise to produce insightful, data-driven content that empowers readers with actionable knowledge on digital assets and emerging Web3 trends.

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