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Bitcoin (BTC) has seen bullish but unstable price action in early 2025, recently Data Highlighting changing sentiment among US investors. After briefly surpassing the $102,000 level yesterday, the asset struggled to maintain bullish momentum, giving up most of its recent gains as it stands just below $100,000.
These developments coincide with important insights from key on-chain metrics that provide a clearer view of Bitcoin’s short-term trajectory.
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Bitcoin prices are struggling despite the positive sign of the Coinbase Premium indicator
A CryptoQuant analyst known as Burak Kesmeci recently shared insights into the Coinbase Premium Index (CPI), which turned positive for the first time in 2025. The CPI measures the price difference between Bitcoin on Coinbase and other global exchanges, and serves as a crucial indicator of US investor sentiment.
Three days ago, the Coinbase Premium index crossed the SMA14 level for the first time in 26 days — and Bitcoin is now up 4% to $102,000.
In November 2024, a similar move saw Bitcoin rise from $69,000 to $108,000.
US buyers could be back in business. pic.twitter.com/XtAlHUzzvv
— CryptoQuant.com (@cryptoquant_com) January 6, 2025
Alongside this positive shift, a notable inflow of 4,012 BTC was recorded from Coinbase, indicating renewed buying interest among US-based investors. Historically, these patterns have been associated with high buying pressure, often laying the groundwork for potential price spikes.
Despite these positive signs, Bitcoin’s price performance remains constrained. After briefly surpassing $102,000 on December 6, Bitcoin has retreated and is now trading below $100,000, reflecting a modest 3.3% decline over the past 24 hours.
This price tag from the largest cryptocurrency by market cap puts it at about 8.9% below its all-time high of $108,135, which was achieved in December 2024.
Bitcoin is facing major resistance levels
Notably, BTC’s current price action suggests that although buying pressure exists, it may not be enough to trigger another strong rally.
According to cryptocurrency analyst Ali, Bitcoin holds a critical support zone between $95,400 and $98,400, where more than 1.77 million addresses collectively hold 1.53 million BTC.
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This support area remains essential for Bitcoin price stability amid market uncertainty. Conversely, resistance appears limited, with the supply of just 107,000 BTC lying between $104,700 and $105,770. This relatively thin resistance could pave the way for an upward move if buying pressure intensifies.
#Bitcoin It sits well above an important support area between $95,400 and $98,400, where 1.77 million titles were purchased by over 1.53 million. $ Bitcoin. However, there is no major resistance ahead, just a minimum supply wall at 107,000 #Bitcoin Between $104,700 and $105,770. pic.twitter.com/MEATFegTV2
– Ali (@ali_charts) January 7, 2025
Meanwhile, analysts remain generally optimistic about Bitcoin. For example, Captain Vibeke recently shared his photos Expectations on BTC indicating that the asset is still ready to rise to $112,000.
Featured image created with DALL-E, chart from TradingView
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