 Bitcoin enjoys 'plenty' of demand at $98K as analyst eyes RSI breakout 
2025-02-06
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Bitcoin BTCUSD circled $98,000 into the Feb. 6 Wall Street open as traders flagged multiple bull signals.
Traders reject bearish BTC price takes 
Data from Cointelegraph Markets Pro and TradingView showed consolidation taking over on BTCUSD, which traded in a tight channel.
While still unable to tackle the $100,000 mark, Bitcoin cooled volatility as market participants adopted a wait-and-see attitude.
“Higher low locking in,” popular trader Jelle wrote in one of his latest posts on X. 

Fellow trader Daan Crypto Trades identified spot-market demand as a reason for optimism about BTC price trajectory.
“$BTC Trading at a pretty solid spot premium showing there's plenty of spot demand around these levels which have made it so Bitcoin has held strong during all the recent turbulence,” he told X followers.
An accompanying chart demonstrated derivatives traders’ relative caution versus spot buyers.
“With Spot ETFs and Institutions like Strategy (MicroStrategy) accumulating coins at a rapid pace, there's a constant changing of hands going on,” Daan Crypto Trades added. 

Another bullish event in the making came courtesy of Bitcoin’s relative strength index (RSI) indicator on daily timeframes.
As highlighted by popular trader and analyst Rekt Capital, daily RSI was forming a narrowing channel — with a breakout anticipated in future.
“Aside from Bitcoin's price action successfully retesting the blue trendline as support... The Daily RSI is forming a distinctive Channel,” Rekt Capital explained alongside the 1-day BTCUSD chart.

Earlier, Cointelegraph reported on a rare 4-hour RSI chart event revealing Bitcoin’s latest local bottom.
Bitcoin, crypto “lack” upside catalysts
Adopting a more risk-off tone, trading firm QCP Capital suggested that Bitcoin was not immune from further external volatility shocks.
In particular, geopolitical events could spark another trip lower for BTCUSD, it warned on Feb. 5, just days after nerves over a US trade war punished risk-assets across the board.
“BTC's resilience above $90k is impressive, but we remain cautious about negative geopolitical shocks from U.S.-China tensions, particularly amid global market uncertainty,” QCP summarized in a bulletin to Telegram channel subscribers. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.