Bitcoin Faces Key Resistance: Downward Trendline Near $98,000 – Bullish Breakout to Push BTC Over $100,000?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

January 3, 2025

Bitcoin kicked off 2025 trading at $96,620.18, gaining 0.04% over the last 24 hours, with a robust trading volume of $39.5 billion. The cryptocurrency is consolidating as it approaches a critical downward trendline near $98,000, which has capped recent upside moves.

A breakout above this level could unlock further bullish momentum for the broader crypto market.

Investor sentiment remains upbeat, fueled by regulatory optimism under the Trump administration and potential developments like stablecoin regulations and a U.S. Bitcoin reserve.

Despite profit-taking in late 2024, Bitcoin ended the year up 120%, reflecting resilience amid macroeconomic challenges.

BlackRock ETF Outflows Signal Mixed Sentiment

BlackRock’s iShares Bitcoin Trust (IBIT) saw its largest single-day outflow on January 2, with $330.8 million withdrawn—over 3,500 BTC.

Despite this, rival ETFs recorded $101 million in inflows the same day, reflecting a divergence in institutional sentiment.

While short-term bearish pressure may build from these outflows, analysts remain optimistic about institutional adoption and ETF innovations in 2025.

BlackRock’s IBIT still ranks third among U.S. ETFs in total inflows for 2024, showcasing sustained institutional interest.

Bitcoin Technical Outlook: BTC Battles $98,000 Resistance

Bitcoin faces significant resistance at $98,000, a level reinforced by a downward trendline. Immediate support is found at $95,340 and $93,818.

Indicators are mixed; Bitcoin trades above its 50-day EMA at $95,340, suggesting short-term bullish potential, while the RSI at 60 shows moderate buying momentum.

Breaking the $98,000 resistance could pave the way for $100,089 and $102,029, while failure to do so risks bearish retracement.

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