Bitcoin’s price rapidly climbed to $99.5K, coming close to the $100K milestone within hours.
U.S. Bitcoin ETFs faced record outflows, with nearly $300 million withdrawn, showing mixed market behavior.
Key technical indicators like the 50-day SMA and RSI signaled strong support for the ongoing price rally.
Bitcoin saw a price jump, gaining $7,000 in less than 24 hours. It bounced back from lows near $92,000 and came close to hitting $100,000, with a high of $99,500 on Bitstamp. This rise was mainly driven by strong buying on Coinbase, which helped push prices higher despite the lack of institutional trading.
Bitcoin Price Technical Analysis
Bitcoin found solid support at its 50-day Simple Moving Average (SMA), an important level showing the price is staying strong. Traders also spotted an “inverse head and shoulders” pattern on the hourly chart, which signals that the price could go higher.
Another key indicator, the Relative Strength Index (RSI), stood at 52, above the safe zone 50. This shows that Bitcoin is stable and could keep rising. Some experts even believe the RSI was pushed artificially low before the recent price rally, which often happens before big price gains.
ETF Outflows
While Bitcoin’s price was climbing, U.S. Bitcoin ETFs saw large outflows of money. On December 20, around $300 million was withdrawn from these funds. With the iShares Bitcoin Trust (IBIT) losing $72.7 million in a single day. This shows that while regular buyers drive the price, big institutions still pull back.
The strong technical signals suggest Bitcoin could break above $100,000 soon. However, the fact that institutional investors are still cautious could affect how long this rally lasts. Retail traders are driving the momentum for now, but more support from big investors might be needed for Bitcoin to stay above $100,000.
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