Bitcoin News Today: Bitcoin's Bullish Technicals Clash with Cooling Institutional Demand

Bitcoin's price trajectory has sparked renewed optimism as technical indicators and macroeconomic catalysts align for a potential rally. The cryptocurrency recently formed a bullish double-bottom pattern, with a weekly candle closure above key support levels confirming a shift from a downtrend to an uptrend.

Analysts now project a target of $110,000, driven by renewed buying pressure and a CME gap at $104,000 that could trigger a short-term pullback before resuming the upward trend Bitcoin's Double Bottom Pattern Targets $110K Rally. Concurrently, a hidden bullish divergence on the Relative Strength Index (RSI) has emerged, signaling weakening bearish momentum and underlying accumulation Bitcoin (BTC) Price Prediction: Hidden Bullish Divergence ....

The recent rebound has been fueled by macroeconomic relief, particularly the U.S. Senate's bipartisan bill to end a 40-day government shutdown. This development eased systemic risk and stabilized investor sentiment, with Bitcoin reacting swiftly to the improved fiscal clarity. The cryptocurrency surged past $105,000, extending gains to $106,000, as risk appetite broadened across equities, tech stocks, and digital assets Bitcoin Recovers Driven by Bullish Macro Catalysts: $110K .... On-chain data further reinforced this optimism, revealing that Bitcoin whales accumulated $32 billion worth of BTC after prices dipped below $101,000, solidifying the $105,000 support zone Bitcoin (BTC) Recovers Past $105K as Shutdown Relief ....

Technical analysis suggests that Bitcoin's 50-day simple moving average (SMA) at $104,149 has transitioned into short-term support, while the RSI at 67 indicates robust momentum. Traders are now monitoring the 38.2% Fibonacci retracement level at $109,660, a critical resistance zone. A breakout above this level could open the path to $110,000–$112,000, resuming the medium-term uptrend Bitcoin Recovers Driven by Bullish Macro Catalysts: $110K .... However, risks persist: a close below $104,000 could invalidate the breakout, triggering liquidations and pushing BTC toward $101K–$102K Bitcoin Recovers Driven by Bullish Macro Catalysts: $110K ....

Institutional demand, however, has shown signs of cooling. BlackRock's spot BTC ETF inflows have plummeted from over 10,000 BTC per week to below 1,000 BTC, reflecting broader market caution. On-chain metrics from Glassnode and CryptoQuant indicate insufficient demand to counter current selling pressure, with negative apparent demand aligning with historical local bottoms Bitcoin Institutional Demand Cools, Potentially Threatening $100K Support. Julio Moreno of CryptoQuant noted, "Without renewed institutional buying, prices may continue to face downward pressure."

Despite these challenges, macro tailwinds remain favorable. Anticipated Federal Reserve rate cuts and improving liquidity conditions have bolstered Bitcoin's recovery narrative. Meanwhile, speculation about MicroStrategy founder Michael Saylor's potential large-scale BTC purchase has added speculative momentum Bitcoin (BTC) Recovers Past $105K as Shutdown Relief ....

Not all analysts are bullish in the long term. ARK Invest's Cathie Wood recently cut her Bitcoin price forecast from $2.4 million to $1.5 million by 2030, citing the rapid adoption of stablecoins in emerging markets. She argued that stablecoins are increasingly fulfilling roles previously attributed to Bitcoin, such as a store of value in inflationary economies like Venezuela Bitcoin Forecast Cut $300,000 by Cathie Wood as Stablecoins Steal Demand. Standard Chartered projects dollar-pegged stablecoins could extract over $1 trillion from legacy banking systems in emerging markets by 2028, further intensifying competition.

Bitcoin currently trades near $101,724, with traders closely watching liquidity sweeps between $98,500 and $99,700 before targeting $105,000 Bitcoin (BTC) Price Prediction: Hidden Bullish Divergence .... If BTC holds its support above $105K and breaks through $111,600-historically a "memory wall"-the next leg toward $110K–$115K could gain momentum Bitcoin (BTC) Price Prediction: Hidden Bullish Divergence ....

---