Bitcoin (BTC) held $97,000 on January 4th as key support was restored in the first Wall Street trading week of 2025.
BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
BTC Price Failed to Reverse Traders Bullish in the Short-Term
Cointelegraph Markets Pro and TradingView BTC/USD showed strength after rising over 6% year-to-date.
Extending the recovery that began on New Year’s Eve, Bitcoin has regained its 50-day simple moving average (SMA). This is a level that traders have previously said is essential for the bull market to continue.
Popular trader Skew says, “$BTC will close with solid and sustained momentum from here.” summarized In the latest X content on January 3rd.
Despite recent developments, many remain cautious about BTC price trends, even adopting a bearish outlook for January.
“I think the price will fall in January unless it breaks through $99,000 and turns into support,” said trader Scient. said X followers.
“It’s a very simple trigger for me here: break $99,000 and reverse or retest or the $90-$88,000 zone.”
12-hour chart of BTC/USDT. Source: Scientist/X
Fellow Trader Crypto Tony Confirmed He said he was aiming for a bailout rebound with “further decline” to around $90,000.
BTC/USDT 1-day chart. Source: Cryptotony/X
“We don’t expect a big weekend move in BTC. Alternatives may see some action.” Daan Crypto Trades continuation Part of his own analysis.
“If we can do that, we could see some decent buy-in over the weekend. My bias for the first quarter is bullish, so I'm not worried about short-term moves.”
The attached chart shows the latest closing price for CME Group Bitcoin futures, a level that typically acts as a short-term price magnet after markets reopen.
“A look at the first full week of 2025 will give us a better idea of where this is headed in the short term,” concluded Daan Crypto Trades.
15 minute chart of BTC/USDT. Source: Daan Crypto Trades/X
Bitcoin ETF makes $900 million comeback
Meanwhile, the U.S. spot Bitcoin exchange-traded fund (ETF) netted $908 million on January 3 in a dramatic turnaround.
Related: If BTC price tracks stock prices, you could buy a “parabolic” Bitcoin for $80,000 — Research
Perhaps fittingly for the 16th anniversary of the Genesis block, institutional investors piled money into Bitcoin products that experienced record outflows a few days ago.
Data from sources such as UK-based investment companies far side investorshowed that Fidelity Wise Origin Bitcoin Fund (FBTC) accounted for the largest share with $357 million in inflows.
The largest ETF, iShares Bitcoin Trust (IBIT), managed $253 million.
US Spot Bitcoin ETF netflow (screenshot). Source: Farside Investors
“After the Christmas and year-end crash, big money is back buying,” said crypto trader Patrick H. I wrote Part of the X reaction.
The analysis also noted positive developments in Coinbase Premium, the pricing difference between the BTC/USD pair on Coinbase, the largest exchange in the US, and its BTC/USDT equivalent on Binance.
The Coinbase Premium Index, which hit a 12-month low on Dec. 31, has rebounded above its 14-day SMA for the first time in nearly a month.
“As long as the Coinbase Premium Index remains above the SMA14, it is likely to continue testing the positive zone,” wrote Burak Kesmeci, a contributor at on-chain analytics platform CryptoQuant. blog post January 3rd.
“This suggests that US-based buyers may have more influence over Bitcoin’s price trajectory.”
BTC/USD chart (screenshot) with Coinbase Premium Index data. Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.
