Bitcoin Price Holds Steady Near $104,000
Bitcoin (BTC) price stayed near $104,000 on Wednesday. The price dropped after facing strong resistance. This suggests Bitcoin may trade sideways soon. The end of the US government shutdown and new economic data could cause price swings. On Tuesday, US-listed spot Bitcoin ETFs saw a $523.98 million inflow, showing rising interest from institutions.
US Government Shutdown Nears End, Could Affect Bitcoin
The US government shutdown might end soon. The bill to end it still needs House approval and the President’s signature. If it passes, federal agencies will restart operations and release delayed economic data. This data includes employment and inflation reports. Markets will watch these closely for signs on Federal Reserve policy. QCP Capital said the shutdown’s end is only a short-term fix. Another budget clash may happen early next year, keeping markets sensitive to news.
Bitcoin Institutional Demand and Price Outlook
Institutional demand for Bitcoin is returning. Spot Bitcoin ETFs in the US had inflows of $523.98 million on Tuesday. This stopped a week-long withdrawal trend that totaled $1.22 billion. If inflows continue, Bitcoin price could rise further.
Bitcoin’s price recently tested key resistance at $106,453 but then fell 2.78%. It now trades above $104,700. If Bitcoin closes above $106,453 daily, it might move up to the 50-day EMA at $109,755. The Relative Strength Index (44) shows weakening selling pressure but needs to rise above 50 for a strong rally. The MACD indicator signals a possible bullish change.
If the price falls, key support is nearby at $100,353.
