Bitcoin News Today: Bitcoin Tests $98K Threshold as ETF Outflows and Macro Ties Weigh on Momentum

Bitcoin's price has been trading near $93,000, with bulls trying to push the asset toward a critical $100,000 threshold according to market analysis. Recent data shows that the 8H chart for BTC has seen increased buying interest, especially around the $90,000 to $93,000 pivot according to technical indicators. This area, once a major support, is now a key resistance and a potential turning point for short- to mid-term momentum.

Retail demand remains weak, but institutional activity continues to shape the market. U.S. spot Bitcoin ETFs added $168 billion in assets under management this cycle, with 1.36 million BTC held in these funds according to market reports. BlackRock's IBIT, the largest ETF, however, has seen $2.7 billion in outflows over the past five weeks according to financial data, signaling a shift in institutional sentiment.

The broader market environment also affects BTC's price trajectory. Bitcoin's correlation with the S&P 500 has risen to 0.88 over the past 20 days according to market analysis, linking its performance more closely with traditional assets. This shift could make BTC more sensitive to macroeconomic pressures in the near term.

Key Price Levels to Watch

Bitcoin's current price action is being closely monitored at several key levels. The $93,000 to $98,000 range is critical, as it represents both historical support and resistance zones. A break above $98,000 would likely trigger a rally toward the $106,000 to $108,000 range, which includes previous all-time highs. The $90,000 to $93,000 pivot is a major turning point, with a strong rejection at this level last week. If Bitcoin can push through again, short liquidation clusters could amplify upward momentum according to technical analysis.

On the downside, support is seen at $85,000 and $75,000. A close below $85,000 could test the long-term key level at $75,000 according to market analysis. Traders should also watch the $93,000 weekly low and the $89,340 intraday low, as a break below these levels would likely increase bearish pressure according to technical indicators.

How Altcoins Are Performing

Ethereum and Solana are also showing signs of recovery, though with mixed signals. Ethereum has struggled to close above $3,000 but has shown improved price action, with buying pressure forming around the $2,620 pivot point according to market data. A close above $3,000 to $3,200 would be a key test for ETH's mid-term bullish bias. Solana, the third-largest cryptocurrency by market cap, has broken out of a recent descending pattern and is testing the $140 level according to technical analysis. If it can break through $160 to $170, Solana could regain bullish momentum.

XRP, meanwhile, continues to attract attention. U.S. XRP ETFs have seen a 13-day inflow streak, closing in on a $1 billion milestone according to market reports. Ripple's CEO has suggested that XRP could capture up to 14% of SWIFT's global transaction volume, positioning the asset as a competitive alternative for cross-border payments according to company statements.

What Analysts Are Watching

Technical indicators offer mixed signals. Bitcoin's RSI is approaching the neutral line, while the MACD has remained in a buy signal since late November according to technical analysis. These suggest that bearish momentum is easing but not fully reversed. For Hyperliquid (HYPE), which has been trading near $34.65, both RSI and MACD indicate a potential breakout, with a key resistance at $35.51 according to market analysis. If HYPE can break above this, it could target $40.

Glassnode's analysis notes that short liquidations have created a "fuel for upside" dynamic, especially if Bitcoin can retest $98,000. This would align with a recent "higher high, higher low" pattern according to market reports. However, analysts warn of the Death Cross risk if the 50-day and 200-day EMAs converge, which could signal a bearish trend.

Risks to the Outlook

Despite the potential for a rebound, several risks remain. Bitcoin ETF flows have been mixed, with BlackRock's IBIT seeing outflows while Ethereum ETFs have posted modest inflows according to market data. Retail demand is still weak, and institutional investors are reassessing their exposure. If Bitcoin fails to break above $98,000, a pullback to $85,000 or even $75,000 becomes more likely.

In the broader market, the renewed correlation between BTC and the S&P 500 means that Bitcoin may become more vulnerable to macroeconomic headwinds according to market analysis. This ties BTC's performance more closely to traditional markets, which could dampen its independence as a crypto asset.

What This Means for Investors

Investors should approach the current Bitcoin environment with caution. Short-term traders may find opportunities in the $93,000 to $98,000 range, particularly if there's a breakout above the key pivot. Long-term holders are advised to monitor ETF flows and institutional positioning, according to market analysis, as these have become the dominant forces in Bitcoin's market structure. For altcoins like Ethereum and Solana, the focus should be on whether they can sustain their recent rallies and overcome key resistance levels.

As Bitcoin moves forward, the interplay between institutional flows, on-chain activity, and macroeconomic factors will determine whether this is a sustainable bullish phase or just a temporary bounce in a still-tenuous market.