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The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $95,937 as of 02:47 a.m. EST on trading volume that surged 30% to $47 billion.
This comes as the US CPI inflation rate accelerated in January, rising 3% on an annual basis, suggesting interest rates are likely to stay higher for longer. Inflation rose 0.5% on a monthly basis, against economists’ forecast for a 0.3% increase.
🚨CPI Inflation comes at 3%, higher than expected. FACT: Fed won't ease unless he sees a 2 in the number.
— SWJ❤️ (@SWJGOAT) February 12, 2025
Bitcoin Price Currently Testing Support
The BTC price has shown a strong bullish run from October to early December, breaking above the 50-day and 200-day Simple Moving Averages (SMAs). This uptrend, marked by the sharp green arrow on the chart, saw price action push into a consolidation zone (highlighted in purple) between approximately $92,000 and $105,000.
However, after reaching a peak near $110,000 (orange resistance line), the Bitcoin price has faced consistent selling pressure. The price of BTC is currently testing the lower boundary of the consolidation range around $91,540 to $94,000, according to data from GeckoTerminal.
This prolonged sideways movement, forming a rectangular pattern, suggests market indecision, with buyers defending support and sellers rejecting higher levels.
The price of Bitcoin is currently trading below the 50-day Simple Moving Average (SMA), indicating short-term bearish sentiment. The 200-day SMA remains far below the current price, maintaining a long-term bullish outlook despite recent weakness. The 50-day SMA is still above the 200-day SMA (a “golden cross”), which is generally a positive long-term signal.
The Relative Strength Index (RSI) is below the neutral 50 level, currently at 43, indicating mild bearish momentum. However, it is not in the oversold zone (<30), meaning there could still be room for further downside before a potential reversal.
BTC Price Prediction
The Bitcoin price is currently in a consolidation phase after a strong uptrend. A daily close below the $92,000 support could open the door for a retracement towards $85,000 or even the 200-day SMA at $79,441.
Conversely, if the price of BTC can reclaim the 50-day MA ($98,537) and break out above the $105,000 resistance, we may see a retest of the previous high near $110,000 and potentially push higher to $115,000.
Meanwhile, investors are piling into a new Bitcoin meme coin called BTC Bull (BTCBULL) that will give free Bitcoin to token holders. 99Bitcoins, a prominent YouTube channel with over 724k subscribers, says BTCBULL has the potential to soar 10X after launch.
A Promising Alternative
Investors are pouring into the BTC Bull Token ($BTCBULL) presale at a record rate, with over $1.1 million raised in less than 3 days.
BTC Bull Token vows to help fire the Bitcoin price to beyond $1 million, while paying $BTC rewards to investors at every key milestone.
If you hold $BTCBULL tokens in Best Wallet, you’ll earn BTC airdrops when Bitcoin’s price reaches $150,000 and $200,000.
The revolution is rising! 🐂⚡
Hold $BTCBULL to recieve BTC airdrops as the price climbs. The stronger the bull run, the bigger the rewards!
Load up or miss out. 💥 pic.twitter.com/fBqZpddxqJ
— BTCBULL_TOKEN (@BTCBULL_TOKEN) February 12, 2025
Furthermore, a huge $BTCBULL Token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the participant’s Community Sale purchase amount.
Between each significant Bitcoin price milestone and subsequent BTC airdrops, there are also Bitcoin Bull token burns.
$BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 363% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.00236 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 3 days to secure the best deal.
Check out BTC BULL Token here.
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