Bitcoin Tests $97.5K Even as Market Momentum Stalls

Bitcoin (BTC) continues its cautious upward climb, reaching $97,414.42 at the time of reporting. This marks a 1.17% increase over the past 24 hours and a 1.45% gain over the past week. The cryptocurrency has traded within a 24-hour range of $95,412.89 to $97,552.58, reflecting moderate bullish momentum despite broader market stagnation.

(BTC price / Trading View)

While BTC’s price saw a steady rise, its 24-hour trading volume fell 28.25% to $27.26 billion. This decline suggests reduced market participation or a temporary pause in trading activity. However, despite lower volume, bitcoin’s total market capitalization edged up 1.22% to $1.93 trillion, reinforcing its stability amid market uncertainty.

Meanwhile, BTC dominance ticked up slightly by 0.15% to 61.17%, according to Trading View, suggesting that investors remain more confident in bitcoin than alternative cryptocurrencies.

(BTC dominance / Trading View)

One notable shift in market behavior comes from the futures market. Bitcoin futures open interest saw a significant 2.84% increase over the past 24 hours, rising to $63.53 billion, according to Coinglass. This suggests that traders are placing more leveraged bets on BTC’s next move, potentially in anticipation of a breakout beyond the $97,500 level.

Liquidation data shows a total of $22.24 million wiped out in the past 24 hours. Notably, short liquidations accounted for $14.94 million, while long liquidations came in at just $7.30 million. This imbalance indicates that bearish traders were caught off guard by BTC’s latest price appreciation.

Institutional activity has played a key role in bitcoin’s recent price movement. Japanese hotel developer-turned-bitcoin treasury firm Metaplanet announced the acquisition of 68.59 BTC yesterday for approximately $6.6 million, at an average price of $96,335 per bitcoin. This purchase brings Metaplanet’s total BTC holdings to 2,100 BTC, acquired for approximately $170 million at an average price of about $80,905 per bitcoin, according to the firm.

(Metaplanet CEO Simon Gerovich announces bitcoin purchase / Simon Gerovich on X)

Additionally, Michael Saylor’s Strategy announced a proposed $2 billion private offering of convertible senior notes yesterday, with proceeds earmarked for further bitcoin acquisitions. Strategy remains the world’s largest corporate holder of BTC, and its continued investment signals long-term confidence in bitcoin’s potential.

According to data from Glassnode, while bitcoin has touched $97,500 today, overall crypto market momentum has slowed. Since February, BTC has declined by 5.9%, while ether (ETH) and solana (SOL) have suffered deeper corrections of 16.9% and 33.1%, respectively. The sharpest decline has been in the memecoin sector, which peaked at 90.2% in late 2024 but has since dropped by 37.4%.

(BTC price performance vs. altcoins / Glassnode)

Despite the broader market slowdown, bitcoin continues to display relative resilience, buoyed by institutional support and increased futures market activity. However, for BTC to break out decisively, it will need to surpass the $97,500 resistance level convincingly. On the downside, support remains at $95,000, which could provide a crucial floor if the price retraces.

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