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Home » Blog » Bitcoin (BTC) Price Retests Key Support Above $100K Amid Mixed Short-Term Outlook
Blockchain News / Crypto News

Bitcoin (BTC) Price Retests Key Support Above $100K Amid Mixed Short-Term Outlook

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Last updated: 21/01/2025 8:57 PM
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9 months ago
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Bitcoin (BTC) Price Retests Key Support Above $100K Amid Mixed Short-Term Outlook
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After reaching a historic peak of approximately $109K on Monday during the second inauguration of crypto-friendly US President Donald Trump, Bitcoin’s price, which was at $104,384, fell by over 5% in the last 24 hours and is now trading at about $102,326

on Tuesday, January 21, during mid-London session. The flagship cryptocurrency has tested the critical support level above $100K for the second time which indicates some bullish sentiment for the short term.

Technically speaking, Bitcoin has been re-testing the bullish breakout from the narrowing wedge pattern that formed in mid-November. However, BTC ended Monday with a shooting star candlestick pattern, suggesting a short-term bearish sentiment might remain.

Bitcoin (BTC) Price Retests Key Support Above $100K Amid Mixed Short-Term Outlook

Short-term pessimism is likely maintained by higher-than-expected inflation and hawkishness by the Federal Reserve chair before next week’s rate policy shift.

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However, the macro bullish sentiment for Bitcoin is maintained by the belief that Donald Trump’s decent actions regarding crypto regulation will help the market.

On his first day in office, Trump instructed all federal agencies to attempt to reduce the inflation and cost of living.

Long-term investors also remain optimistic over the bitcoin adoption by nation states, chiefly under plans by the Trump administration to set up a strategic BTC reserve.

As Coinspeaker states, several US states like Massachusetts and Texas as well as Utah have introduced bills to create a strategic BTC reserve.

Whale Investors Relentlessly Accumulate More Bitcoin

The demand for Bitcoin from institutional investors is growing strongly in the face of inflation, fiat currency depreciation, and macroeconomic risks. According to CoinGlass data, Bitcoin open interest (OI) is greater than $67 billion – a level it has only retraced to once previously.

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At the same time, the amount of Bitcoin on centralized exchanges has plummeted to around 2.19 million units, which is a multi-year low, worsening the supply-demand gap. Furthermore, the expected participation of nation-states in the Bitcoin marketplace has deepened institutional appetite for the asset.

Take, for instance, World Liberty Financial (WLFI), which, during Trump’s inauguration, made a bold purchase of more than $100 million in crypto.

Whale Investors Relentlessly Accumulate More Bitcoin

The DeFi protocol backed by the Trump family bought $47 million in Wrapped Bitcoin (WBTC) further emphasizing the President’s endorsement of cryptocurrencies.

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As of last Monday, El Salvador increased its total holding to over 6043 bitcoins, worth upwards of 611 million dollars, after defying the IMF criticism by purchasing 11 BTC.

Also, United States Bitcoin spot ETF holders, especially IBIT from Blackrock and FBTC from Fidelity, have been major buyers of Bitcoin over the last year, making purchases totaling over 1 million bitcoins worth more than $120 billion dollar as of this writing.

In summary, under the leadership of Trump the outlook for Bitcoin has improved substantially.

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