Bitcoin and altcoin investors are closely watching the developments in the Japanese market as core consumer inflation races by 3.2% in January and could push the central bank to announce rate hikes very soon. This has to the feats of unwinding of Japan’s yen carry trade, similar to August 2024, that triggered a major crypto market crash.

Bitcoin Price Action Moving Ahead

Bitcoin price is up by 1.3% in the last 24 hours and is currently trading at $98,388.43 with its market cap at $1.95 trillion. For a long time, BTC has been flirting in the range of $90,000-$100,000 with no clear directional move on either side.

Renowned crypto analyst Rekt Capital has identified a critical level Bitcoin must hold to maintain its bullish market structure. According to the analyst, Bitcoin needs to secure a weekly close above approximately $97,000 to continue using the higher low as a support level.