Bitcoin Surges Past $97K as GameStop Eyes Crypto Investment

Bitcoin (BTC) has been on a rollercoaster ride in recent days, with its price hovering around the $97,000 mark. Despite a sharp decline on Tuesday, the flagship cryptocurrency has managed to edge back above the $97,000 level, with a slight increase in its 24-hour trading volume suggesting growing market activity.

GameStop (GME), the video game retailer, is considering investments in alternative assets, including Bitcoin (BTC) and other altcoins. The news comes after GameStop CEO Ryan Cohen met with Michael Saylor, the founder and executive chairman of MicroStrategy, which is the largest corporate holder of BTC. GameStop has a significant amount of buying power, with $4.6 billion in cash on its balance sheet and liabilities of less than $1.5 billion. GME shares surged nearly 14% following the news in after-hours trading.

US President Donald Trump has paused reciprocal tariffs that were set to come into effect on Thursday. Following the news, Bitcoin (BTC) and other cryptocurrencies halted their declines, indicating a growing correlation between crypto, traditional markets, and macroeconomic factors. However, investors may be reluctant to deploy capital in the crypto market as the tariffs are likely to begin in Q2, highlighted by declining Bitcoin ETF inflows.

Historical trends tied to a key indicator suggest that Bitcoin (BTC) has plenty of upside left. According to data from TradingView, the 200-week SMA of the BTC price stands at $44,200, significantly lower than the previous bull market peak of $69,000. This could be important because data suggests that bull markets typically end with the 200-week SMA rising to the record prices established during preceding bull runs.

Bitcoin (BTC) is currently trading around the $97,000 mark, nearly 15% away from its all-time high. However, price action has remained sluggish, with the flagship cryptocurrency range-bound as it struggles to build momentum and push towards $100,000. On-chain metrics suggest that small traders and retail investors are capitulating out of fear, leading them to reduce their BTC holdings.

Bitcoin (BTC) has been trading in a narrow range since last Monday