Bitcoin Price Moves Above $91,500 After Support Bounce
Bitcoin (BTC) price rose above $91,500 on Thursday. It bounced back from a key support level. This rise follows modest inflows into US-listed spot Bitcoin ETFs. These inflows show less selling pressure and help Bitcoin’s recovery. However, traders should be cautious. On-chain data shows Bitcoin’s market is fragile and liquidity is weak.
Institutional Demand Shows Small Inflows
Institutional investors are buying Bitcoin again, reducing selling pressure. On Wednesday, US spot Bitcoin ETFs saw $21.12 million in inflows. The day before, inflows were $128.64 million. But these amounts are smaller than the outflows seen last week. For Bitcoin to keep rising, inflows need to stay strong and steady.
On-Chain Data Indicates Weak Market Conditions
Glassnode’s weekly report says Bitcoin remains fragile. It trades between $81,000 and $89,000 after falling below key levels. This pattern is similar to the market drop in early 2022. Limited inflows and weak liquidity make the market unstable.
The report highlights that low liquidity raises risks of further price drops. The Short-Term Holder (STH) Realized Profit/Loss Ratio shows demand momentum has weakened. This ratio fell to 0.07, signaling loss dominance and very low liquidity. If it stays low, Bitcoin could fall below $81,000.
Glassnode analysts said the market will likely stay weak until prices recover key levels and inflows return.
Bitcoin Price Forecast: Can BTC Reach $100,000?
Bitcoin found support near $80,000 last week and gained momentum over the weekend. BTC closed above $90,000 on Wednesday and trades above $91,500 on Thursday. If the rally continues, BTC could test the $100,000 mark.
Indicators support this view. The Relative Strength Index (RSI) is rising from 41 toward 50, showing fading bearish momentum. The MACD gave a bullish crossover on Thursday, adding a buy signal.
Still, a correction could push Bitcoin back toward $85,000 support.
