“Unprecedented Surge! Bitcoin ETF Outflows Hit Record High, BTC Price Soars to $99,500!”
On December 21, Bitcoin (BTC) experienced a 'monster' rebound, rising $7,000 in just 24 hours, bringing the price close to $100,000. After liquidating leveraged long positions and pulling back to around $92,000, the market finally welcomed a short-term relief.
Data from Bitstamp showed that Bitcoin once touched $99,500. Despite a lack of large-scale institutional buying, the market remained strong, with bulls driving the price back up. Especially at the largest exchange in the U.S., Coinbase, buyers returned to the market, helping to rebound the price as the previously seller-dominated pressure began to fade.
Trader Exitpump pointed out on X (formerly Twitter), 'Coinbase has seen significant buying since the lows,' and emphasized the comparison of buying volume between this exchange and Binance. Meanwhile, from a technical analysis perspective, the 50-day SMA has become a key support level for Bitcoin, and the head and shoulders pattern may indicate short-term and long-term lows.
However, the 'scam' 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, maintaining near the critical midpoint of 50.
But for investors, the outflow of funds from the spot Bitcoin ETF casts a shadow over the market. Data shows that on December 20, the net outflow from Bitcoin ETFs approached $300 million, with the iShares Bitcoin Trust (IBIT) setting a record outflow of $72.7 million.
Despite the outflow of ETF funds, the market rebound remains strong, and the breakthrough momentum of Bitcoin's price in the short term is worth continuous attention.
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