Bitcoin Price Prediction – BTC Could Range Around $98,848 – $95,086 Until US CPI Data Comes Out

Highlights:

• Bitcoin is currently range-bound, reflecting uncertainty around US tariffs
• Latest news of US tariffs on steel could impact Bitcoin’s price
• Positive sentiment around upcoming US CPI could trigger a rally to $100k or higher

Bitcoin has changed a little today, but it is sending bullish signals. At the time of going to press, Bitcoin was trading at $97,826.19, up by 1.07%. Trading volumes are also on the rise, up by 65% in the day to stand at $37.21 billion.

Despite the slight uptick in price, the overall sentiment for cryptocurrencies, including Bitcoin, remains subdued. This is mainly due to the US tariff threats that are raising risk levels for global trade and the markets.

Bitcoin Price Stumbles Amid Trump’s Tariff Escalation

The latest of these tariff threats is targeting the steel industry. U.S. President Donald Trump recently announced fresh tariffs on steel and aluminum imports. This latest trade measure has added to growing economic uncertainty, impacting investor sentiment across multiple asset classes, including Bitcoin.

Trump declared that all steel and aluminum imports into the U.S. would be subject to a 25% tariff. The announcement, reported on February 9, led to an immediate reaction in global financial markets, triggering sharp declines before a partial recovery. While crypto assets rebounded, concerns over future volatility persist.

Fear and Greed Index Reflects Ongoing Uncertainty

The volatility is most evident in the Fear And Greed Index. The Crypto Fear & Greed Index, a widely used gauge of market sentiment, has remained in the fear territory over the past week. The latest update on February 10 recorded a score of 43, down from 46 the previous day. This highlights that investors are cautious about investing in Bitcoin and other cryptocurrencies.

Trump’s threat to impose reciprocal tariffs adds uncertainty, highlighting trade imbalances and potential disruptions to global trade policies.

Bitcoin Price Action Signals Resilience

This is not the first time Trump’s trade policies have influenced crypto markets. Earlier this month, he implemented 25% tariffs on Canada and Mexico and 10% on China. This caused a significant downturn in both stock and cryptocurrency markets.

Bybit CEO Ben Zhou estimated that crypto liquidations could have ranged between $8 billion and $10 billion during the turmoil. Despite the initial market shock, crypto assets rebounded after the White House temporarily paused tariffs on Canada and Mexico.

Trump has hinted that these levies could be reinstated after the 30-day suspension period, adding another layer of unpredictability to the markets. However, the rebound that followed is an indicator that Bitcoin’s underlying fundamentals are strong. With some level of macro certainty, the price could rally to new highs.

Bearish Converge for Bitcoin Concerning Investors

Another concern for traders is the bearish signal from Bitcoin’s Moving Average Convergence Divergence (MACD) indicator. Historically, a negative MACD crossover suggests declining momentum, but analysts caution that price action must confirm this shift before concluding.

With inflation expectations rising amid Trump’s tariff policies, economic uncertainty is growing. The University of Michigan’s consumer sentiment survey indicated that inflation expectations for the next year surged to 4.3% in February, up from 3.3% in January. This development could influence the Federal Reserve’s stance on interest rates, further shaping market movements.

Bitcoin Could Remain Subdued Ahead of CPI

Bitcoin could also continue to see little action for the next two days due to the upcoming CPI data. As investors anticipate the release of the latest Consumer Price Index data on February 12, market watchers remain focused on potential economic shifts. This is especially in light of the growing uncertainties around the global economy as President Trump continues to implement his agenda.

In my opinion, #Bitcoin is ready for another spectacular move.

Do you think we'll see a new ATH in coming weeks? pic.twitter.com/q25y0xAlKq

— Crypto Diplomat (@diplomat_crypto) February 10, 2025

Technical Analysis – Bitcoin Range-Bound Reflecting Ongoing Uncertainty

From the charts, Bitcoin is currently in a range between the $98,848 resistance and the $95,086 support. If positive expectations around Bitcoin increase, the price could rally through the $98,848 resistance.

In such a case, Bitcoin could easily rally to $102,513 in the short term. On the other hand, if fear increases and Bitcoin drops through the $95,086 support, then a correction to $93,373 support could follow.