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Bitcoin (BTC) has seen bullish but unstable price action in early 2025, with recent facts highlighting the shifting sentiment among US investors. After briefly breaching the $102,000 mark yesterday, the asset has struggled to maintain upward momentum, losing most of its recent gains as it stands just below $100,000.
These developments coincide with critical insights from key on-chain metrics that provide a clearer picture of Bitcoin’s short-term trajectory.
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Bitcoin’s Price Struggle Despite a Positive Coinbase Premium Index Signal
A CryptoQuant analyst known as Burak Kesmeci recently shared insights on 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 exceeded the SMA14 for the first time in 26 days. 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 action. pic.twitter.com/XtAlHUzzvv
— CryptoQuant.com (@cryptoquant_com) January 6, 2025
In addition to this positive shift, a notable outflow of 4,012 BTC from Coinbase was recorded, indicating renewed buying interest among US investors. Historically, such patterns have been associated with a rise in buying pressure, often laying the groundwork for potential price increases.
Despite these positive signals, Bitcoin’s price performance remains limited. After briefly crossing $102,000 on December 6, Bitcoin retreated and is now trading below $100,000, reflecting a modest 3.3% decline over the past 24 hours.
This price level of the largest cryptocurrency by market cap places it about 8.9% below the all-time high of $108,135 reached in December 2024.
Bitcoin is facing major resistance levels
In particular, BTC’s current price action suggests that while buying pressure exists, it may not yet be enough to trigger another strong rally.
According to cryptocurrency analyst Ali, Bitcoin maintains 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 zone remains essential for stabilizing Bitcoin’s price amid market uncertainty. Conversely, resistance appears limited, with only 107,000 BTC on offer between $104,700 and $105,770. This relatively thin resistance could pave the way for an upward move as buying pressure increases.
#Bitcoin is well above a key support zone between $95,400 and $98,400, where 1.77 million addresses bought more than 1.53 million $BTC. However, there is no significant resistance ahead, just a minimum supply wall of 107,000 #BTC between $104,700 and $105,770. pic.twitter.com/MEATFegTV2
— Ali (@ali_charts) January 7, 2025
Meanwhile, while zooming out, analysts remain generally bullish on Bitcoin. Captain Faibik, for example, recently shared his prospects on BTC, suggesting the asset is still poised for a rally to $112,000.
Featured image created with DALL-E, Chart from TradingView