The price of Bitcoin (BTC) continues to hover around the $114,000 mark as investor sentiment wavers between optimism and caution.
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According to Geoffrey Kendrick, head of digital asset research at Standard Chartered, recent developments may mark a transformative phase for Bitcoin, one in which its six-figure price zone becomes a lasting support level rather than a fleeting milestone.
Macroeconomic tailwinds boost market sentiment
Kendrick points to a rebound in global risk appetite after recent signs of detente among United States and China.
Discussions over delays to rare earth export restrictions and increased U.S. agricultural purchases by China have eased trade tensions ahead of a high-level summit between President Donald Trump and President Xi Jinping.
Kendrick notes that this shift in geopolitics has helped restore confidence in risk assets, including Bitcoin, and may be influencing the recent rally in the Bitcoin-gold ratio, a key sentiment indicator for crypto markets.
At the same time, expectations of a possible interest rate cut by the Federal Reserve and the possibility of the bank stopping its quantitative tightening program have also raised hopes for greater liquidity, further favoring risky operations. Analysts suggest that if the Federal Reserve pivots, it could serve as a boost to Bitcoin’s structural bullish trend.
Spot Bitcoin ETF Flows Could Consolidate New Bottom
Beyond macro trends, Chartered Standard emphasizes the increasing role of institutional flows into spot Bitcoin ETFs. They believe that more than $2 billion recently left gold-backed ETFs and argue that even half of those funds moving into BTC products would represent a major structural shift in capital allocation.
This is important because it signals a move away from the traditional narrative that Bitcoin’s price movements are primarily driven by its reward “halving” events for miners.
Instead, large-scale adoption and institutional investment now appear to be the dominant market drivers. If this momentum persists, Kendrick claims that Bitcoin may be entering a new phase where falling below $100,000 will be unlikely.
BTC's price trends to the upside on the daily chart. Source: BTCUSD on Tradingview
Conclusion
At the moment, bitcoin remains within a consolidation range near $112,000-$114,000, with technicals pointing to tightening volatility and the possibility of a breakout once macroeconomic catalysts settle.
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If Bitcoin can stay above this group and institutional flows continue unabated, the $100,000 level may no longer be just a psychological barrier, but could become the de facto floor. Traders and investors will closely monitor confirmation of these trends in the coming days.
ChatGPT cover image, BTCUSD chart from Tradingview
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