Bitcoin price reclaims $97K, bulls eye $100K milestone

• Bitcoin climbed above $97k on a risk-on outlook
• Gains have also come as Bitcoin ETFs notch huge inflows.
• Risks include geopolitical escalations.

Bitcoin is surging once again after a slow start in 2026, with the latest spike sending BTC to highs of $97,360 amid renewed risk-on sentiment across global markets.

The cryptocurrency’s sharp surge in the past 24 hours has bulls excited for a potential breakout to the key psychological level of $100,000.

As the broader crypto market eyes more upside momentum, analysts see fresh rotation into digital assets, with fiat currency debasement and supportive institutional flows key to this.

But investors are also aware of the macroeconomic conditions, with US inflation data showing the Producer Price Index (PPI) rose 3% in November – highest since July.

This could provide a mixed backdrop for price movements, but analysts say that Bitcoin breaking above $100k will be a critical move.

Bitcoin jumps to $97k

Stocks rose after the US consumer price index came out on Tuesday, and Bitcoin rode the risk-on sentiment to jump from $93,000 to highs of $97,360.

While Wall Street slipped afterwards amid losses for bank and tech stocks, BTC edged higher.

The more than 4% spike for BTC signalled a robust risk-on outlook that also lifted altcoins, including Ethereum, XRP and Solana.

A look at the charts shows Bitcoin is hovering at likely resistance around the $97,000-$97,500 zone.

However, the gains mark a significant recovery from earlier January levels in the low $90k region.

This advance has BTC above the $95,000 resistance level, a barrier that had capped upside momentum since November 2025,  analysts at QCP Group noted via X.

QCP sees the potential for the bellwether to witness continued strength, noting that Bitcoin could attract investor rotation from traditional safe havens.

Recent US CPI data, which held steady and aligned with moderated inflation expectations, reinforced a supportive environment for risk assets.

Bulls eye $100k level amid ETFs flows

Despite the notable headwinds, the overall market structure suggests potential for continuation higher, with technical indicators showing bullish momentum and volume supporting the rally.

The recent gains have been bolstered by substantial inflows into US spot Bitcoin ETFs.

As senior Bloomberg ETF analyst Eric Balchunas noted, the funds recorded over $760 million in flows on a single day.

A resurgence in demand follows major redemptions in late 2025 and earlier in the year.

Current momentum paints a different picture, signalling growing institutional conviction as BTC approaches the $100k level.

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