Bitcoin (BTC) Holds Above $95K as ETF Inflows Spike: Is a $100K Breakout Next?

Bitcoin remained over $95,000, having hit a two-month high of $97,800 the day before. The shift indicates that the market remained strong. It also suggests that institutional participation is getting better as ETF inflows are increasing. The activity in options indicates that the traders are confident since BTC is near to the psychological level of $100,000.

This week, there was a surge in institutional demand. According to SoSoValue data, $100.18 million was registered in spot Bitcoin ETF inflows on Thursday. It was the largest single-day inflow since October 6. It also was the third consecutive positive activity day. The growing trend favors the upward trend of Bitcoin.

Source: SoSoValue

Bitcoin Rejected Again but Holds Key Support

Analyst Crypto VIP Signal highlighted that Bitcoin retested the level of $97,000 but was rejected. This price remains above the support area of over $95,000. The analyst anticipates that there will be sideways movement during the weekend. This tendency depicts a short-term consolidation as BTC levels off following previous gains.

Source: X

Moreover, another analyst, Ted Pillows, mentioned that Bitcoin was rejected at the 50-week EMA. The price has since slightly pulled back. It remains above $95,000. The analyst also noted that bitcoin needs to be within the range of $93,500 to $94,000 to maintain its structure.

Source: X

Also Read: Bitcoin (BTC) Faces Rejection as Short-Term Holder Metrics Signal Profit-Taking

Open Interest and Volume Continue to Fall

According to CoinGlass data, the trading activity has decreased. The daily trading volume has decreased by 30.03% to $70.58 billion. Open interest is down by 5.15%, and it is at $62.11 billion. The BTC OI-weighted funding rate stands at 0.0063%. These readings indicate a less active derivatives market.

Source: CoinGlass

RSI and MACD Signal Steady Bullish Momentum

The Relative Strength Index (RSI) is 64.29, and the moving average line is 59.15. The indicator is still in a good range. It indicates that the momentum is positive. It also confirms that Bitcoin has not reached the overbought conditions on the daily chart.

The MACD line now stands at 1,512, whereas the signal line stands at 888. The difference between the two is positive. The histogram underlies the existence of stable purchasing interest. The chart supports the wider bullish pattern.

Source: TradingView

Bitcoin has been supported around critical levels in spite of short-lived backlashes. The market is closely monitoring the $97,000 zone. A breakout from this area may pave the way to the next significant level. The traders will monitor ETF inflows and technical indicators to determine the next step.

Also Read: Ethereum (ETH) Price Surges as Daily Transactions Hit Record 2.3 Million