- Bitcoin reached $98,000 as ETF inflows surged to $908M, marking a six-week high.
- Fibonacci levels indicate a $110K target, with key support at $90K-$88K for potential corrections.
- Institutional confidence grows, with the Coinbase premium index rising above its 14-day SMA.
Bitcoin encountered a strong market rebound as it reclaimed the $98,000 mark, coinciding with a surge in ETF inflows. On January 3, US spot Bitcoin ETFs reported inflows of $908 million, marking a six-week high in investments and reflecting a notable shift in market sentiment.
ETFs Attract $908 Million in One Day
CryptoNewsLand reported earlier that ETFs like Fidelity’s Wise Origin Bitcoin Fund led the inflow surge, securing $357 million. iShares Bitcoin Trust followed, pulling in $253 million. The recovery came after a year-end sell-off and coincided with Bitcoin’s broader market recovery, signaling renewed institutional confidence in cryptocurrency products.
Analysts noted that these inflows arrived on BTC’s 16th anniversary of its genesis block, highlighting a suggestive turning moment for the asset. The Coinbase premium index, which measures BTC price differences between Coinbase and Binance, also rose above its 14-day simple moving average for the first time in nearly a month in a report by CryptoQuant.
Bitcoin Price Regains Key Technical Level
According to an analysis indicating Bitcoin’s upward price trend, it reached $98,000 and was targeted at $110,000 based on Fibonacci levels by Mister Crypto. The chart depicts retracements and resistances, with the 4.618 Fibonacci extension level marking the $110,000 target.
Source: Mister Crypto(X)
Price movements followed previous support levels and broke through resistance zones, maintaining a bullish momentum. Historical Fibonacci retracements from earlier cycles indicate structured price progression.
Key support levels at $90,000 and $88,000 align with potential retest zones in case of a price correction. The visible upward trendline and Fibonacci extensions signal an ongoing bullish market structure, with Bitcoin testing higher resistance zones.
However, market participants maintained a cautious outlook. Some traders, including Scient, indicated that BTC needed to break above $99,000 and establish it as support to sustain the bullish trajectory. Others pointed to the $90,000-$88,000 range as a potential retest zone if further declines occurred.
