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Bitcoin Surges Past $96,000 As Institutional Interest Grows
(MENAFN- The Rio Times) Bitcoin's price reached $96,241 on early January 3, 2025, according to data from CoinGecko. The cryptocurrency market continues to show strength in the new year. MicroStrategy's recent $209 million Bitcoin purchase on December 30 fueled the upward momentum. The company's move reflects growing institutional confidence in the digital asset.
Bitcoin briefly touched $97,750 on January 2, marking a 7% gain over three days. The 24-hour trading volume remains strong at $36.67 billion. This high volume indicates sustained market interest despite minor price fluctuations overnight.
Institutional players continue to shape the market landscape. BlackRock's iShares Bitcoin Trust (IBIT) leads the spot Bitcoin ETF market. The fund experienced a record single-day outflow of $332 million on January 1. However, this hasn't dampened overall enthusiasm for Bitcoin among large investors.
Altcoins are outperforming Bitcoin, suggesting a broader market rally. Ethereum, XRP, and Dogecoin have jumped more than 4%. Solana climbed as much as 8.2%. These gains indicate growing investor confidence across the cryptocurrency spectrum.
Technical indicators paint a bullish picture for Bitcoin. The price trades above the Volume Weighted Average Price (VWAP) of $96,494. This signals strong upward momentum in the short term. Support levels sit at the VWAP and the Lower Bollinger Band at $89,909.
On-chain activity presents an interesting contrast to price action. Daily active addresses on the Bitcoin network have dropped to a 50-day low of 676,000 wallets. This decrease in retail participation suggests potential for further upside as more users enter the market.
US spot Bitcoin ETFs faced collective outflows of $650 million for the week ending January 2. However, some funds bucked this trend. Bitwise Bitcoin ETF (BITB) led daily inflows with $48 million. Fidelity and ARK 21Shares also saw positive inflows to their Bitcoin funds.
Bitcoin Surges Past $96,000 as Institutional Interest Grows
Market makers offer insights into current dynamics. Ki Young Ju, CEO of CryptoQuant, noted strong buying pressure from U.S. institutions on Coinbase . However, he pointed out that the daily premium is at a two-year low. This suggests room for growth in the coming days.
Analysts from CryptoQuant describes the current market as a "cooling off" phase. He believes this consolidation period could set the stage for further gains. The market appears poised for continued volatility and excitement in the near future.
As January progresses, all eyes turn to Bitcoin's potential breach of the $100,000 level. Strong institutional interest and promising on-chain metrics support this possibility. The coming weeks may bring significant movement in the world's leading cryptocurrency.
Bitcoin briefly touched $97,750 on January 2, marking a 7% gain over three days. The 24-hour trading volume remains strong at $36.67 billion. This high volume indicates sustained market interest despite minor price fluctuations overnight.
Institutional players continue to shape the market landscape. BlackRock's iShares Bitcoin Trust (IBIT) leads the spot Bitcoin ETF market. The fund experienced a record single-day outflow of $332 million on January 1. However, this hasn't dampened overall enthusiasm for Bitcoin among large investors.
Altcoins are outperforming Bitcoin, suggesting a broader market rally. Ethereum, XRP, and Dogecoin have jumped more than 4%. Solana climbed as much as 8.2%. These gains indicate growing investor confidence across the cryptocurrency spectrum.
Technical indicators paint a bullish picture for Bitcoin. The price trades above the Volume Weighted Average Price (VWAP) of $96,494. This signals strong upward momentum in the short term. Support levels sit at the VWAP and the Lower Bollinger Band at $89,909.
On-chain activity presents an interesting contrast to price action. Daily active addresses on the Bitcoin network have dropped to a 50-day low of 676,000 wallets. This decrease in retail participation suggests potential for further upside as more users enter the market.
US spot Bitcoin ETFs faced collective outflows of $650 million for the week ending January 2. However, some funds bucked this trend. Bitwise Bitcoin ETF (BITB) led daily inflows with $48 million. Fidelity and ARK 21Shares also saw positive inflows to their Bitcoin funds.
Bitcoin Surges Past $96,000 as Institutional Interest Grows
Market makers offer insights into current dynamics. Ki Young Ju, CEO of CryptoQuant, noted strong buying pressure from U.S. institutions on Coinbase . However, he pointed out that the daily premium is at a two-year low. This suggests room for growth in the coming days.
Analysts from CryptoQuant describes the current market as a "cooling off" phase. He believes this consolidation period could set the stage for further gains. The market appears poised for continued volatility and excitement in the near future.
As January progresses, all eyes turn to Bitcoin's potential breach of the $100,000 level. Strong institutional interest and promising on-chain metrics support this possibility. The coming weeks may bring significant movement in the world's leading cryptocurrency.
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