Bitcoin (BTC) threatened a fresh breakdown after the Dec. 10 Wall Street open as its latest rebound turned shaky.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin analysis: Market “isn’t very confident”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC price action returned below $96,000.
After bouncing as high as $98,000, bulls appeared to run out of steam as BTC/USD neared 2% daily losses.
“Looks like longs are rolling off here / taking profits,” popular trader Skew commented on the daily highs.
“Further confirms $97.7K - $98K is key for buyers to reclaim. Typically this means the market isn't very confident on price currently till more strength is shown.”
Bitcoin market data. Source: Skew
Crypto technical analysis YouTube channel More Crypto Online warned that another local low could follow the previous day’s trip to $94,000.
“One more low is still likely. After this one more low it is possible that white wave d can lead to another test of $100,000,” part of its latest X post stated.
BTC/USD 1-hour chart. Source: More Crypto Online
Despite the short-term weakness, trading resource Material Indicators revealed buyer interest from small-volume entities on the day.
“FireCharts binned CVD shows the 2 smallest order classes are being dominated by TWAP bots which have bought over $100M in $BTC on @binance over the last 10 hours,” it confirmed alongside a screenshot of the Binance order book, referring to one of its proprietary trading tools.
“Pro Tip: That ain't retail.”
BTC/USDT order book liquidity for Binance. Source: Material Indicators
Subsequent commentary likewise kept the faith in the strength of the Bitcoin bull run following two major liquidation events.
“The party never stopped, however, some over zealous, over leveraged party goers were sent home,” Material Indicators wrote.
Bitcoin ETFs shrug off BTC price wobbles
Institutional interest was also undeterred by recent BTC price volatility.
Related: Bitcoin sees most liquidations since 2021 as ‘crazy’ reset wipes $1.6B
Data from sources including United Kingdon-based investment firm Farside Investors showed multimillion-dollar daily net inflows continuing for the United States spot Bitcoin exchange-traded funds (ETFs). The tally for Dec. 9 alone totaled nearly $500 million.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
“Bitcoin was rocked by $1.5 billion in long liquidations, plunging 3,000 points before rebounding off the critical 95k support,” trading firm QCP Capital wrote in part of its latest market coverage for Telegram channel subscribers.
“It now consolidates around 97-98k, leaving altcoins in its wake. Yet, BTC and ETH spot ETFs are on an impressive streak, posting 8 and 11 consecutive days of net inflows, respectively.”
The trend marks a shift in ETF responses to price volatility, with outflows previously resulting from short-term dips.
QCP noted that Dec. 10 would see a vote by tech giant Microsoft over whether to adopt a form of corporate Bitcoin strategy, a moved that was pitched by MicroStrategy chairman Michael Saylor at the start of the month.
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