Bitcoin ETF

Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) neared $100,000 on Dec. 21 after a “monster” BTC price bounce delivered snap upside.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e859-b4a0-7cfd-8762-785dbf95cd46" title="">
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 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
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<h2 id="btc-price-starts-weekend-with-sudden-rebound">BTC price starts weekend with sudden rebound</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> followed BTC/USD as it gained $7,000 in under 24 hours.
After liquidating leveraged long positions with a trip back to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-dips-92k-optimal-dip-buying-pce-crypto" rel="noopener noreferrer nofollow" target="null" text="null" title="null">December lows near $92,000</a>, finally offered some relief as the weekend began.
Reaching highs of $99,500 on Bitstamp, the absence of institutional trading appeared to make little difference as bulls pushed for a reclaim of six figures.
The rebound came as buyers returned to largest US exchange Coinbase, which had previously spawned sell-side pressure.
“Coinbase buying a lot since lows,” popular trader Exitpump summarized in a post on X, contrasting buying volumes with those of Binance.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e855-6aa8-76a5-adb7-679f7177858d" title="">
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 Bitcoin exchange volume data. Source: Exitpump/X
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Fellow trader Superbro noted that the 50-day simple moving average (SMA) had acted as clean support for BTC/USD.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e855-e591-7c4b-a657-957249ae9f20" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/SuperBitcoinBro/status/1870261913680318961" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/SuperBitcoinBro/status/1870261913680318961">SuperBro</a>
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On hourly timeframes, he eyed <a data-ct-non-breakable="null" href="https://x.com/SuperBitcoinBro/status/1870218538994258058" rel="noopener noreferrer nofollow" target="null" text="null" title="null">potential breakout signal</a> in the form of an inverse head and shoulders construction —&nbsp;a classic pattern that can mark for short-term and long-term lows.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e856-7e3a-760f-8943-4c39616c1984" title="">
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 BTC/USD 1-hour chart. Source: SuperBro/X
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Continuing, trading account Doctor Magic described a “scam” breakdown signal from Bitcoin’s relative strength index (<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">RSI</a>) indicator.&nbsp;
RSI, an X post <a data-ct-non-breakable="null" href="https://x.com/Doctor_Magic_/status/1870230159951093953" rel="noopener noreferrer nofollow" target="null" text="null" title="null">explained</a>, could have been driven artificially low —&nbsp;an event that preceded previous periods of protracted BTC price upside.
“There is a reason I am obsessed about this RSI scam breakdown that I have been posting for a while now, it happened in every major leg up until the first local top,” he told followers, with a chart demonstrating the signal’s high price correlation.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e857-1640-7abf-89c9-667d30002209" title="">
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 BTC/USD 1-day chart with RSI data. Source: Doctor Magic/X
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Daily RSI stood at 52 at the time of writing, preserving the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="noopener noreferrer nofollow" target="null" text="null" title="null">crucial midpoint of 50</a>. As Cointelegraph reported, during Bitcoin bull markets, RSI commonly <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-rsi-copies-2017-bull-run-trader-75k-btc-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">holds above the “overbought” 70 level</a> for extended periods.
<h2 id="too-little-too-late-for-bitcoin-etfs">Too little, too late for Bitcoin ETFs</h2>
Bitcoin returning near $100,000 appeared bittersweet for investors in the US spot Bitcoin exchange-traded funds (ETFs).
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whale-support-mid-60k-new-btc-price-warning" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin whale support includes mid-$60K zone in new BTC price warning</a>
On Dec. 20, the ETFs logged net outflows of nearly $300 million, data from sources including UK-based investment firm Farside Investors shows.
The largest of these, the iShares Bitcoin Trust (IBIT), saw its largest net outflows on record at $72.7 million.
<figure><img alt="BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow" src="https://s3.cointelegraph.com/uploads/2024-12/0193e857-e7c8-76d8-9cf1-8fdf893e6e25" title="">
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 US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
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Dec. 19 meanwhile saw the aggregate total outflow for the ETF products hit its own maximum of $671 million.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow

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