Will Bitcoin Hold Steady This Weekend?

Bitcoin (BTC) Analysis

Bitcoin, unable to sustain a break above $94,000, has led to over-selling conditions in altcoins. After a two-week holiday lull, altcoins were gradually rebounding when news broke that the Supreme Court tariff decision announcement would soon arrive, only to be postponed to Wednesday. Meanwhile, U.S. data haven’t been supportive either.

Today, we examine two different analysts’ current assessments of BTC. Over the weekend, it’s likely that BTC will trade within a narrow range and, absent any significant surprises, might trend sideways or downwards with low trading volume. Rover noted the situation with the following observations:

“Bitcoin continues consolidating between $89,800 and $91,200. We saw a false move above $91,200, where liquidity was taken before rejecting this level. Now, we will likely sweep liquidity around $89,300.”

Should Rover’s weekend scenario materialize, altcoins attempting to remain strong during the last drop may fall back to support levels, presenting easy short-selling opportunities.

For those in need of optimism, Poppe’s charts offer a hopeful perspective. Known for looking on the bright side, Poppe was optimistic even as the 2022 crash loomed. The analyst remains hopeful, confident that if BTC maintains its 21-day moving average over the weekend, a reclaim of $94,000 is in sight.

Situation of ETF Investors

Exactly as predicted, BTC in the ETF channel has been in the red for the past three days. January 7th saw an exit close to half a billion dollars, which decreased to $398 million yesterday, and today’s outflow remains unknown. If the Supreme Court rules in favor of Trump, these outflows could swiftly reverse to inflows, causing BTC prices to rise by $6,000 to $7,000.

The situation on the ETH ETF front isn’t much different, with $159 million exiting on January 8th. If a genuine altcoin season occurs, we might witness days where ETH ETF inflows exceed those of BTC again. In June, companies pledged billions in ETH reserves, leading to a frenzied ETF inflow period, albeit a brief one.