“Unprecedented Surge! Bitcoin ETF Outflows Hit Record, BTC Price Soars to $99,500!”
On December 21, Bitcoin (BTC) experienced a 'monster' rebound, rising $7,000 in just 24 hours, approaching $100,000. After liquidating leveraged long positions and pulling back to around $92,000, the market finally welcomed a short-term relief.
Bitstamp data showed that Bitcoin briefly touched $99,500. Despite the lack of large-scale institutional buying, the market remained strong, with bulls pushing prices back up. Especially at the largest exchange in the U.S., Coinbase, buyers returned to the market, aiding the price rebound, as the pressure previously dominated by sellers began to fade.
Trader Exitpump pointed out on X (formerly Twitter), 'Coinbase has seen significant buying since the lows,' emphasizing the comparison of buying volumes between this exchange and Binance. Meanwhile, from a technical analysis perspective, the 50-day SMA has become a key support level for Bitcoin, and an inverted head and shoulders pattern may indicate short-term and long-term lows.
However, the 'trap' of the RSI indicator has also drawn market attention. Trading account Doctor Magic analyzed that the RSI may have been artificially suppressed, especially before Bitcoin's long-term upward phase, with the current RSI at 52, hovering around the critical midpoint of 50.
But for investors, the outflows from the spot Bitcoin ETF cast a shadow over the market. Data shows that on December 20, net outflows from the Bitcoin ETF approached $300 million, with the iShares Bitcoin Trust (IBIT) setting a record for the largest outflow at $72.7 million.
Despite the ETF fund outflows, the market rebound remains strong, and the momentum for Bitcoin price breakthroughs in the short term is worth continuous attention.
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