Bitcoin’s price is making a noticeable comeback, recently climbing back above the $95k support level. This marks its first consecutive three-day gain since mid-December. Could we be on the cusp of witnessing a surge towards the much-discussed six-figure target?
On Thursday, Bitcoin saw a rise of 2.2%, bringing its price to $96,580. The recent upward movement is driven by a wave of optimism regarding Bitcoin’s potential for growth in 2025. This surge follows a period of extended consolidation in the crypto market since December, and a return above the psychologically significant $95k mark rekindles hopes for a retest of that elusive six-figure realm.
Bitcoin Signals Recovery
The lackluster performance of Bitcoin in prior months was highlighted by a decline in ETFs, with total inflows dropping to $4.5 billion from $6.4 billion in November. But with the start of the new year, there’s a renewed sense of positivity around Bitcoin. As contracts expire and market expectations shift, the regulatory environment in the United States appears to be easing. This could lead to increased demand for Bitcoin and trigger a fresh wave of buying activity. The $5.30 million recorded on December 31 seems to hint at a recovery on the horizon.
Interestingly, Bitcoin’s progress isn’t just being marked by its price alone; the metrics from the DeFi sector tell a compelling story too. Previously, Bitcoin’s dominance in the DeFi space felt somewhat muted, but the Total Value Locked (TVL) in Bitcoin-based DeFi platforms has risen dramatically from 1.05% in October 2024 to 5.3% of the market share. Such trends could significantly bolster Bitcoin’s price as the DeFi ecosystem strengthens.
Bitcoin Price Prediction
Currently, Bitcoin’s price hovers around $95,510, and if momentum continues in an upward direction, it could push towards the $97,000 resistance. A more robust surge could potentially break through that barrier, allowing Bitcoin to test further resistance at $97,910.
On the flip side, if Bitcoin dips below $95,510, the trend may shift downward, establishing the first support level at $94,430. Should sellers maintain control, we could see another drop, with the second support level sitting at $94,290, which could undermine the current bullish narrative.
As market sentiment shifts and new developments in technology and regulation unfold, it’s clear that Bitcoin’s journey is far from over. Investors are watching keenly, ready for signals that could push the Bitcoin price towards that enticing six-figure target once more.
