Despite crashing post-Trump inauguration, Bitcoin has continued to trade above the monumental $100K mark. The recent price performance follows after the coin hit an new all-time high (ATH) earlier this week.
BTC’s whale activity has also surged over the last week. Santiment, an on-chain data analysis platform, recently shared that ‘Bitcoin whales have been picking up steam this week, with the US inauguration and new $109.3K all-time high.’
The participation of whales has played a big part in the bulls cycles experienced during the last two years. Santiment further added that the recent ‘spikes appear to be bullish.’ Additionally, the on-chain analysis platform also confirmed that whale accumulation is moving in the right direction.
Bitcoin ETFs: Institutional Participation Gets a Major Boost
Bitcoin ETFs have massively changed how institutions participate in the market. Since their approval in January 2024, BTC ETFs have accumulated over 1.1 million BTC which makes up 5.7% of all Bitcoin available.
Recent data by Farside Investors shows that the US BTC ETFs received $248.7 million inflows yesterday (Jan. 22, 2025). This data shows investors’ confidence in Bitcoin as a long-term asset.
BTC ETFs have made it easier for large-scale investors to enter the crypto market. If supply remains capped and demand continues to grow, Bitcoin could experience exceptional price levels.
Bitcoin’s Current Price Performance and Technical Outlook
Data on TradingView shows that Bitcoin is currently selling at $101,721.19. This price shows a 2.94% dip in the last 24 hours. Although the market experienced $61.39 billion in trading volume, it is down by 15.33% showing a short term decline in market activity. BTC’s market capitalization is also down to $2.01 trillion.
The chart above shows Bitcoin’s price trading below the 9-period simple moving average (SMA). The current short-term price movement suggests the market is bearish. Traders are closely watching key levels with resistance at $102,500 and the immediate support at $101,200.
The current Relative Strength Index (RSI) value of 40.87 shows that the market is moving towards the oversold levels. A price change below the SMA will probably lead to further price decline. However, if price climbs above $102,500, bullish momentum may be renewed.
With Bitcoin expressing higher whale activity in recent weeks, investors continue to see BTC as a valuable asset to add to their portfolio. As supply tightens it will draw a stronger value proposition attracting more private and institutional investors.
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