- Summary:
- Bitcoin price has gained more than 10 percent in the last week but was previously rejected twice in the last ten days near $102,800.
Bitcoin price traded above $100k for the third day in a row on Friday, injecting a strong bullish sentiment on the broader market. BTC was up by 2% and traded at $102,050 at the time of writing, with its weekly gains at 10%. The crypto market bellwether has attracted substantial inflows in the spot ETF market, with investors purchasing $1.3 billion worth of the product.
BlackRock’s IBIT Bitcoin ETF was the biggest gainer on Thursday, bringing in $524 million. ARK 21Shares’ ARKB was second with $155.4 million. That signals strong institutional interest in the coin, and continuing the trend could add propulsion to BTC price.
BTCUSD has approached a key resistance zone as it was twice rejected at $102,800 mark in the last ten days. Therefore, breaking above that level could signal the onset of a rally.
Elsewhere, according to IntoTheBlock, 99% of Bitcoin holders are currently in profit. That will support the coin’s upside as it reduces selling pressure. Also, whale investment has risen significantly over the last week. The number of transactions valued at $100k or more rose from 10,050 to 12,233 in that period, signaling strong upward potential.
The sentiment surrounding Bitcoin price will likely grow stronger as Donald Trump’s inauguration draws near. Thereafter, it will likely benefit substantially from more accommodative policy shifts in regulating cryptocurrencies, including the potential establishment of a strategic Fed Bitcoin reserve. Also, current soft US dollar fundamentals favour BTC to strengthen further in the coming days.
Bitcoin Price Prediction
Pivot: Bitcoin price pivots at 101,510 and the upside will prevail if the coin stays above that level. Otherwise the momentum will shift to the downside.
Resistance: The first resistance for BTC price is likely to be at $102,500. However, if the buyers extend their control of the market, it could break above that level and test $103,855.
Support: Initial support is likely to be at $100,540. The upside narrative will be invalid if BTC breaks above that level. A stronger downward narrative could take the coin lower to test $99,730.
