Although Bitcoin experienced a short-term retreat in mid-January, it became the focus of upward expectations again with the strengthening of US-based investor demand. The largest cryptocurrency, which lost approximately 2 percent in value on Thursday, January 15 and was traded at $ 95,400, has entered a balancing process after the momentum it has gained in recent days. The political calendar and corporate fund movements regarding regulations regarding cryptocurrencies in the USA play a decisive role in the change in market perception. Intra-blockchain data and fund flows to ETFs highlight two critical scenarios regarding price direction.
Important Technical Levels for Bitcoin Price
Data shared by intra-blockchain analysis company Glassnode reveals that Bitcoin’s price has reacted strongly from the active investor cost average, which is around $87,800. While this region served as an important support in the last decline, it paved the way for the price to make another upward attempt. According to the analysis, the short-term target of the market is the 98,400-99,000 dollar band, which stands out as the cost level of short-term investors.
In the technical view, the $ 94,000 level is of particular importance. Cryptocurrency analyst Crypto Rover stated that Bitcoin’s medium-term bullish scenario will weaken if permanent movements below this threshold are seen. On the other hand, the price holding above $ 94,000 is considered a signal that buyers maintain control.
The price movements seen in recent weeks point to a controlled recovery rather than a sharp rise. While this chart shows that the search for a more balanced trend continues after short-term profit taking, it suggests that investors are turning their attention to macro and corporate indicators again.
US Institutions and Macro Outlook Impact
One of the main drivers on Bitcoin continues to be institutional investor behavior in the US. The fact that the Coinbase Bitcoin Premium Index moved back into the positive zone after a long sales period presented an important sign that US-based demand is strengthening. During the same period, there was a net inflow of approximately $1.6 billion into spot Bitcoin ETFs in the US in just two days.
On the macro front, developments in the gold market attract attention. Expectations are increasing that gold, which has been on a strong rise since the beginning of 2024, is approaching its peak region and may enter a long-term horizontal process. The gradual shift of corporate profits from precious metals to Bitcoin and cryptocurrencies stands out as a factor that supports liquidity in the market.
Another important development on the liquidity side is the growth in the stablecoin market. After the Genius Act came into effect in the USA last year, the stablecoin supply grew by over $50 billion, creating a positive basis for the permanence of capital flowing into the cryptocurrency market. In addition, the interest rate reduction process and quantitative easing policies of the US Federal Reserve (Fed) are among the factors that keep the appetite for risky assets alive.
