Bitcoin hit $97,000, influenced by US-Russia diplomatic developments and institutional confidence.
Geopolitical Influence on the Market
Bitcoin reached $97,214 after renewed talks between US and Russian presidents eased market fears. Despite a 23% decrease in daily trading volume, optimism prevails. Ukraine's President labeled it as propaganda. Polymarket predicts a 67% chance of ceasefire by 2025, which might strengthen Bitcoin's long-term appeal.
Long-term Belief of Major Investors
Institutional investors continue accumulating Bitcoin, suggesting a bullish trajectory. CryptoQuant data highlights over 28,000 BTC acquired via OTC channels. Metaplanet increased its holdings to 0.01% of total Bitcoin supply, indicating strong asset trust. Despite $580 million outflows from Bitcoin ETFs, institutional interest remains high.
Technical Outlook and Key Resistance Levels
Bitcoin faces a crucial resistance level at $98,000. A breakout could lead to $100,000, while a failure might cause a retest of $94,000 and $90,000 support zones. RSI is below the mid-50 mark, indicating potential bearish trends. Analysts are split on the short-term outlook, with some seeing a bull season and others predicting a pullback to $80,000.
Despite bearish pressures, institutional optimism and geopolitical factors are driving Bitcoin to new heights.
