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The US spot Bitcoin ETF issuers registered a daily total net inflow of about $248 million on Wednesday following the crypto market confidence instilled by the Donald Trump administration.
Bitcoin price BTC $95 295 24h volatility: 1.0% Market cap: $1.89 T Vol. 24h: $33.92 B dropped 2.5% in the past 24 hours to trade at about $102,323 on Thursday, January 22, during the mid-London session. After closing Wednesday in a black Marubozu candlestick, the flagship coin has signaled further short-term weaknesses, possibly due to the ongoing cooling down of the leveraged market, after Donald Trump’s inauguration earlier this week.
In the daily time frame, Bitcoin price, against the US dollar, has been forming a potential double top, coupled with a falling divergence of the Relative Strength Index (RSI). In the four-hour time frame, Bitcoin price has formed a possible head and shoulders (H&S) pattern, coupled with a bearish divergence of the RSI.
As a result, in case Bitcoin price breaches the support range between $101K and $99.5K, the chances of a short-term selloff to $91K will be higher. Furthermore, the BTC price has been forming a potential horizontal consolidation channel since mid-December, which could evolve in the coming months to a different pattern.
Nonetheless, Bitcoin price could rebound from the support range between $101K and $99.5K and rally towards a new all-time high in the near term.
Despite the short-term Bitcoin price action, the overall supply of BTC on centralized exchanges has continued to drop exponentially. In the last seven days, the overall supply of BTC on CEXes dropped by nearly 21K to hover about 2.18 million at the time of this writing.
Institutional investors led by MicroStrategy Inc (NASDAQ: MSTR), which recently purchased 11K BTCs to currently hold over 460K coins, have continued to accumulate more BTC to hedge against global inflation. Interestingly, the World Liberty Financial (WLFI) project, which is largely associated with the Donald Trump family, has continued to purchase more BTCs, among other digital assets.
Meanwhile, the US spot BTC ETFs, led by BlackRock’s IBIT, registered a net cash inflow of about $248 million on Wednesday, thus currently holding a total net assets of over $122 billion.
Following the inauguration of pro-crypto US President Donald Trump earlier this week, traders are now closely monitoring the market data, which could impact the Federal Reserve’s decision on rate policy next week. On Friday, the Bank of Japan (BoJ) will release its first policy rate change of 2025, with economists predicting a 25 bps hike to 0.5%.
Later during the day, several EU countries, the United Kingdom, and the United States will be releasing their respective Flash Manufacturing PMI.
Meanwhile, rising talks by more nation-states to implement a strategic Bitcoin reserve, led by the United States, will have a long-lasting impact on the BTC price action.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!