Bitcoin ETF inflows rebound to 6-week highs as BTC price reclaims $97K

2025-01-06 09:34:57 Primitive Reading

From cointelegraph by William Suberg

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price fails to flip traders short-term bullish

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after year-to-date gains topped 6%.

Extending a comeback that began on New Year’s Eve, Bitcoin reclaimed its 50-day simple moving average (SMA) — a level that traders previously described as essential for bull market continuation.

“$BTC closing strong and sustaining momentum from here,” popular trader Skew summarized in his latest X content on Jan. 3.

Despite the latest progress, many remained cautious on BTC price action, even adopting a bearish outlook for January.

“Unless we breach $99k and flip it to support, I think we will see lower prices in Jan,” fellow trader Scient told X followers.

“Pretty simple triggers for me here: Break and flip $99k or retest or $90-88k zone.”

BTC/USDT 12-hour chart. Source: Scient/X

Fellow trader Crypto Tony confirmed that he was eyeing a relief bounce followed by “another drop” to around $90,000.

BTC/USDT 1-day chart. Source: Crypto Tony/X

“Not expecting much movement during the weekend for BTC. Alts might see some action,” Daan Crypto Trades continued in part of his own analysis.

“The weekend could offer some decent dip buys if we get it. My bias for Q1 is bullish so I'm not worried about any short term movements.”

An accompanying chart showed the latest closing price for CME Group’s Bitcoin futures, a level that typically acts as a short-term price magnet once the market reopens.

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