Sentiments of the cryptocurrency market are a little less optimistic today, and it seems that the largest cryptocurrency is facing a test of momentum. Bitcoin's price falling despite strong ETF demand may signal, that long term addresses are selling Bitcoins at this point, with higher pace amid recent rebound from $92k to $102k.
- Bitcoin's price retreated sharply below $101,000 today and is close to testing the EMA50 (orange line) at $100,500. Recent positive market sentiment has also been fuelled to some extent by the possibility of a pro-Bitcoin candidate in Canada, Pierre Poilievre, coming to power and possibly replacing the outgoing Justin Trudeau
- As of December 2024, ETFs had accumulated more than 51,500 BTC against less than 14,000 produced by Bitcoin miners. BTC stocks on exchanges have also fallen significantly, setting the stage for a rebound if demand for exchange-traded funds in the United States continues.
- Recent data on BTC inflows have been performing strongly, with more than 900 million net inflows on January 3 and BTC purchases worth nearly $911 million yesterday, January 6. Wall Street sentiment and the dollar will be key to market sentiment. If the dollar's weakness continues and does not go hand in hand with declines in the indexes, bitcoin could further benefit from such a scenario.
Source: XTB Research, Bloomberg Finance L.P.
Bitcoin (H1 interval)
A drop below $92,000 could indicate that Bitcoin is pursuing a bearish head-and-shoulders pattern scenario, with a potential downside range as low as $80,000. The nearest strong resistance is around the ATH at $110k. The EMA50 may provide important short-term support.
Source: xStation5
Bitcoin's historically reverted correlation with the US dollar seems relatively limited at this point. The cryptocurrency does not appear to be a direct beneficiary of either USD weakness or strength.
Source: xStation5
Chart of the day ๐Bitcoin rebounds above $76k trying to reverse the trend (21.04.2026)
Crypto news: A bearish impulse on Bitcoin? ๐จ ETFs are flowing back into BTC
Morning Wrap: Trump Announces Ceasefire Between Israel and Lebanon
๐Bitcoin slips despite strong sentiments on Wall Street: Technical look
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
