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Bitcoin (BTC) has surged by 2.04%, hitting $97,000 and reclaiming its $1.9 trillion market cap. The ongoing recovery rally strengthens the possibility of testing the critical $100,000 psychological resistance. Technical indicators confirm the upward trend, with the 20 and 50 EMA lines crossing positively and the RSI nearing the overbought zone, signaling strong bullish momentum.
ETF Outflows Cast a Shadow on Institutional Participation
Despite Bitcoin’s price recovery, U.S. spot Bitcoin ETFs recorded net outflows of -209.82 million dollars on January 14. BlackRock led with an outflow of 219.48 million dollars, while WisdomTree and VanEck reported positive inflows, showcasing mixed signals from institutional investors. This divergence highlights that institutional participation has not fully aligned with Bitcoin’s price movements.
Derivatives Market Activity Shows Mixed Sentiment
The derivatives market saw $200 million in liquidations within the last 24 hours. Open interest rose by 1.54% to $61.51 billion, while the long-to-short ratio increase (1.0442) reflects growing bullish sentiment. However, a decline in funding rates suggests traders are cautious about paying high premiums, indicating a potential short-term correction.
Analysts forecast Bitcoin could retest the 200 EMA at $95,823, with a potential rebound from this level. Key support lies at $95,119, while breaking the $99,514 resistance could pave the way for Bitcoin to hit the $100,000 milestone. However, the possibility of short-term corrections requires investors to remain vigilant.
Conclusion
As Turkish NY Radio highlights, Bitcoin’s price action demonstrates resilience and optimism. While technical indicators point to further growth, ETF outflows and derivatives activity suggest mixed signals. Investors should keep a close watch on critical support and resistance levels as Bitcoin aims for a historic price milestone.
