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Cryptocurrency analyst Matt Crosby said on Wednesday that even a modest allocation of global capital could lift Bitcoin (CRYPTO: BTC) toward $275,000. The Road to $275,000 In an interview with Bitcoin Magazine, Crosby argued that Bitcoin's relatively small market size could amplify incoming capital and trigger a massive surge in the asset's price.

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A separate technical reading describes $1.27–$1.55 as a range tested seven times and makes heavy volume and a sustained hold conditions for the next levels.

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Bitcoin has lost its momentum after rallying above the $84,000 mark on Wednesday. The world's leading cryptocurrency by market cap is down by 0.3% over the past 24 hours and is now trading below $82,500. The bearish performance comes as the bulls failed to push past the resistance level above $84,000. Technical indicators suggest that the bears could push Bitcoin's price towards the key support level at $79,676 in the near term. Bitcoin buyers failed to push the price higher Bitcoin showed signs of recovery on Wednesday as derivatives positioning improved and buyers continued defending the lower end of its recent trading range. However, a concentration of sell orders and liquidation levels above $84,000 and near $87,000 complicated further gains.

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Chinese prosecutors have moved to confiscate more than 61,800 Bitcoin and other assets linked to a 40.38 billion yuan ($5.7 billion) investment fraud involving Qian Zhimin, who is currently serving a prison sentence in the UK.