Why is the price of Bitcoin stuck?

The price of Bitcoin has been stuck below $100,000 since February, and data suggests this trend may continue, depending on the emergence of new catalysts.

Key points to remember:

Bitcoin has increased by 10% over the past week, but the resistance above continues to hinder the rise to $100,000.

$BTC shows strength as the week opened on April 28, rising 10% over the past seven days and trading at $95,500.

Data from Cointelegraph Markets Pro and Bitstamp shows that the BTC price has been below $100,000 since early February, as shown in the chart below.

Bitcoin lacks the $100,000 catalyst

The BTC/USD pair increased by 30% from the low of $74,400 reached on April 7 to above $95,000, with the recovery mainly due to the easing of trade tensions between the US and China.

Although this price increase was accompanied by $3.06 billion in spot ETF inflows, there are still doubts whether that figure is enough to pull Bitcoin out of its consolidation state.

In the latest newsletter sent to subscribers of the Telegram channel, trading firm QCP Capital argued that Bitcoin's separation from stocks last week reinforced the view that it is a "hedge against political instability and uncertain monetary policy".

QCP Capital explained that this has allowed BTC to easily surpass the $90,000 level and also added that this would help push the price higher.

However, BTC changed in the middle of the week, separating from gold and rising alongside US stocks, mainly due to reactions to macroeconomic factors.