- Bitcoin (BTC) Long positions dropped from 66.33% to 56.85% in 24 hours, signaling increased profit-taking.
- BlackRock’s IBIT saw $332M outflows, while Bitwise’s BITB and Fidelity’s FBTC gained $48.31M and $36.20M.
- Bitcoin’s breakout above $95,800 signals strong support, with targets at $97,300 and $100K.
Bitcoin continues to dominate headlines as market activity intensifies with profit-taking trends, shifting ETF flows, and technical indicators pointing toward higher price targets. Despite increased selling pressure, the leading cryptocurrency remains resilient, holding steady above key support levels and eyeing the highly anticipated $100,000 milestone.
Profit-Taking Rises on Binance
Recent data reveals a significant shift in Bitcoin trading behavior on Binance. The percentage of traders holding long Bitcoin positions dropped from 66.33% to 56.85% in just 24 hours. This sharp decline indicates an uptick in profit-taking activity, with traders securing gains amid Bitcoin’s recent price performance.
However, this short-term sell-off hasn’t derailed Bitcoin’s upward momentum, as the asset remains supported by strong technical levels and growing institutional interest.
ETF Flows Reveal Diverging Sentiment
On January 2, Bitcoin spot ETFs saw a combined net outflow of $242 million, highlighting a period of mixed sentiment among institutional investors. BlackRock’s IBIT ETF recorded a $332 million outflow, signaling profit-taking or portfolio adjustments.
Conversely, Bitwise’s BITB ETF witnessed a net inflow of $48.31 million, and Fidelity’s FBTC ETF gained $36.20 million in inflows. These contrasting figures suggest varying investment strategies as institutions prepare for Bitcoin’s next price phase.
Bitcoin Shows Strength & Points to $100K Mark
Despite market turbulence, Bitcoin continues to display resilience. Currently, Bitcoin is priced at $97,181, with a 24-hour trading volume of $59.07 billion and a market capitalization of $1.92 trillion. The modest 0.13% price increase over the past 24 hours signals stability as traders look ahead to key resistance and support levels.
Crypto observer Trader Tardigrade highlighted Bitcoin’s recent technical strength. The cryptocurrency successfully broke above the Tenkan level at $95,800 within the Ichimoku cloud, indicating strong support. If Bitcoin secures a daily close above this critical level, the next price targets emerge at $97,300 and the Kijun level near $100,000.
As profit-taking subsides and ETF flows stabilize, Bitcoin’s path toward $100,000 becomes increasingly clear. With institutional interest persisting and technical indicators aligning bullishly, the market anticipates a significant breakout in the near term.
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