Bitcoin retreated 1.75% to $96,000 as traders took profits just shy of the psychological $100,000 level, though institutional buying remains strong with MicroStrategy making another massive purchase. The pullback triggered one of the largest crypto liquidation events in over six months, even as a potential Treasury Secretary pick signals a crypto-friendly stance.
Key points:
- Bitcoin pulled back after nearly reaching $100,000, with prices briefly touching $95,700
- MicroStrategy purchased 55,000 BTC for $5.4B at average price of $97,862
- Over $500M in crypto positions were liquidated in 24 hours, with long positions accounting for $379M
- ETF flows remain positive with $484.6M in net inflows, led by BlackRock and Fidelity products
- Trump's Treasury pick Scott Bessent viewed as pro-crypto, potentially supporting "crypto capital" agenda
Institutional conviction remains high despite the correction, with MicroStrategy significantly expanding its Bitcoin holdings. The company now holds approximately 386,700 BTC acquired at an average price of $56,761, representing one of the largest corporate cryptocurrency positions globally. The latest purchase, funded through convertible notes and share sales, demonstrates continued institutional appetite even at elevated price levels.
Adding to the market's longer-term bullish outlook, Trump's intended Treasury Secretary nominee Scott Bessent is seen as potentially favorable for crypto markets. As the first openly pro-crypto Treasury chief, Bessent could help advance Trump's stated goal of making America "the crypto capital of the planet."
Looking at ETF flows, institutional demand remains robust with BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Trust continuing to attract significant capital. The latest data shows net inflows of $484.6M across all Bitcoin ETF products, suggesting strong underlying institutional interest despite the price volatility.
The focus now turns to whether Bitcoin can maintain support above $95,000 and make another attempt at the $100,000 milestone, with ETF flows, MicroStrategy's continued accumulation, and potential regulatory tailwinds from a Bessent Treasury likely to influence price direction. MicroStrategy's stock performance, up over 515% year-to-date despite recent criticism from short seller Citron Research, continues to serve as a proxy for institutional Bitcoin exposure.
Bitcoin (D1 Interval)
Bitcoin is currently retesting the 7-day EMA. For bears, the next target could be the 23.6% Fibonacci retracement level at $91,875. Bulls, on the other hand, are still aiming for the $100,000 level, which likely serves as strong psychological resistance.
The RSI is retracing toward 70, gradually exiting overbought territory, while the MACD is tightening, hinting at a potential bearish divergence. These indicators suggest a possible pause or reversal in the bullish momentum, with key levels acting as critical decision points for both bulls and bears. Source: xStation
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