Key takeaways
- BTC is up by less than 1% in the last 24 hours and is trading around $91,600.
- The coin could rally higher as spot Bitcoin ETFs continue to record inflows.
Bitcoin ETFs record inflows
Bitcoin’s price is trading above the $91,600 mark on Friday after rebounding from key support levels over the weekend. The positive performance comes as institutional demand for Bitcoin increases, easing the recent selling pressure.
Data obtained from SoSoValue revealed that US-listed spot Bitcoin ETFs recorded a mild inflow of $21.12 million on Wednesday, after a positive flow of $128.64 million the previous day.
According to Glassnode’s weekly report, Bitcoin remains structurally fragile, as it is still trading below the $93k resistance level. The report added that with a weakening market structure, liquidity becomes the key lens for understanding what comes next.
Analysts are confident that the recent selling pressure is declining as volatility drops. In an email to Coinjournal, Dr. Sean Dawson, head of research at the onchain options platform, Derive.xyz, stated that the next phase would depend on the Fed’s interest rate decision in December. He stated that,
The shift in macro expectations has eased some of the intense bearish pressure that dominated the options market through late October and November. The 25-delta skew, a key measure of relative demand for puts versus calls, has moved sharply off its lows.
Bitcoin could extend its recovery towards the $100,000 mark
The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has recovered excellently from its recent dip. The leading cryptocurrency found support around the key psychological level of $80,000 last week and has added 6% to its value since then.
At press time, BTC is trading above $91k. If the recovery continues, it could extend the rally toward the next key psychological level at $100,000.
The Relative Strength Index (RSI) on the 4-hour chart is 61, pointing upward toward the overbought level, indicating a growing bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Thursday, providing a buy signal and further supporting the potential continuation of the recovery.
However, failure to overcome the $93k resistance level could see Bitcoin retest the key support at $85,000.
Source: https://coinjournal.net/news/bitcoin-price-forecast-will-btc-push-above-93k/
