Bitcoin Price Analysis: BTC Eyes $100K as Key Support Holds

Highlights:

• Bitcoin has made a rebound off the $92k support level
• The bounce comes despite DOJ approval for the US to sell seized Bitcoin
• The market now eyes a retest of $100k as bulls regain control

Bitcoin is making a slight rebound today after a correction for the better part of the week. When going to press, Bitcoin was up by 1.40% to trade at $94,843.59. However, trading volumes remained in the red intra-day, down by 6.25% to stand at $60.04 billion. This could be an indicator that despite the slight rebound in the day, investors are still on the sidelines waiting for a confirmation that the correction is over.

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Quite expected given that Bitcoin appears to be struggling to hold above the $100k level, and every attempt to push through this price level has recently been followed by corrections back to around $92k.

Bitcoin ETFs Continue to Record Strong Growth

This price play between $100k and $92k could be a temporary consolidation. Overall, there is a lot that points to a possible continuation of the rally that started in Q4 of 2024. One such indicator is the rising volumes flowing into Bitcoin ETFs. The latest data shows that Bitcoin ETFs have hit a record inflow of $3.5 billion.

They want your Bitcoin. They want your crypto. Don’t get shaken out. pic.twitter.com/VrV4P5alwv

— Scottie Pippen (@ScottiePippen) January 9, 2025

Leading these inflows is the BlackRock ETF, which accounts for $2.5 billion of total volumes. This continued growth of Bitcoin ETFs points to the rising interest in Bitcoin by institutional money. This is a factor that could help support the price of Bitcoin going forward.

MicroStrategy Continues to Attract Corporations Into Bitcoin

Another bullish factor for Bitcoin is the fact that corporations are starting to add Bitcoin to their reserves. The leader on this front, MicroStrategy, has been unrelenting in accumulating Bitcoin. Recently, MicroStrategy announced that it now held 447,470 BTC, making it the largest corporate investor in Bitcoin.

As MicroStrategy continues to buy Bitcoin, it is sending signals for other corporations to start doing the same. Several blue-chip companies have already voted on Bitcoin, and investment firms like BlackRock have indicated that corporations should consider putting at least 2% of their reserves in Bitcoin.

Leading Banking Brand to Offer Bitcoin Custody In The EU

Major global banks are also sending the right signals for Bitcoin. Standard Chartered, one of the most recognized banking brands globally, has announced that it is expanding its services in the EU. The expansion includes the introduction of Bitcoin custody services. This move by Standard Chartered points to legacy finance’s acceptance of Bitcoin.

Are you mentally prepared for 2025? #Bitcoin pic.twitter.com/lAOqKKEYvJ

— Vivek⚡️ (@Vivek4real_) January 9, 2025

Considering that institutions like Standard Chartered have a big clientele of high-net-worth individuals, the move could see a flood of money into Bitcoin from the world’s richest. This is likely to add to the demand as Bitcoin continues to show that it has the potential to rally through the $100k mark and make new highs.

More short term, one of the big indicators that Bitcoin is headed for a rebound is how it has responded to negative news from the US. This week, Bitcoin was hit by news that the DOJ had approved a $6.4 billion Bitcoin sale. While the move initially triggered fear of a selloff, the price has not only held above multi-week support at $92k but is making a rebound. It is an indicator that investors expect the market to easily absorb such a sale, and that’s a bullish signal.

Technical Analysis – Bitcoin Price Rallies as Key Support Holds

The charts also paint a bullish picture for Bitcoin, supporting the fast-improving fundamentals. On the day chart, Bitcoin has bounced off the $92,294 support and is forming a bullish engulfing pattern.

This is a signal that bulls are regaining control. If the current momentum continues, the key level for traders to watch would be the $106,085 resistance. A rally through this resistance could see Bitcoin rally to prices as high as $110k in the short term.

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