Bitcoin Price Targets $118K Amid Increased Institutional Investment
Bitcoin's price approached $100K, reaching around $99.7K before a slight retrace. The fear and greed index rose to 75%, indicating market greed. The total crypto market cap surpassed Apple Inc's valuation.
- Over $345 million liquidated in the leveraged market, primarily affecting short traders.
- US spot BTC ETFs saw a net cash inflow of $755 million, led by Fidelity’s FBTC ($463 million) and Ark 21Shares Bitcoin ETF ($138 million).
- No US spot Bitcoin ETF issuers reported cash outflows, marking increased institutional demand.
- Bitcoin supply on centralized exchanges remains low at approximately 2.20 million.
Market Influences
Increased interest from institutional and retail investors is noted ahead of Donald Trump's second inauguration. Oklahoma and Texas regulators are proposing a strategic Bitcoin reserve to combat global inflation. Trump’s administration plans to introduce friendlier SEC rules and clearer token guidelines.
Technical Analysis
Bitcoin is positioned for a potential new all-time high, supported by whale investor activity. Price rebounded from a support level around $90 earlier this week.
Trader Alan Santana suggests that if Bitcoin consistently closes above $100K-$108K, the next target could be approximately $118,762.