Bitcoin Breaks Key $98K Level – Is the Market Ready to Soar Again?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

December 25, 2024

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Bitcoin’s price surged to $98,270, marking a 5% gain over the last 24 hours. The leading cryptocurrency has held strong despite record outflows from Bitcoin exchange-traded funds (ETFs).

BlackRock’s Bitcoin ETF, which had its largest-ever outflow on Christmas Eve, exemplifies the current volatility.

Amid these dynamics, BTC tests the $98,340 Fibonacci level, approaching key resistance near $100,000. Investors are now eyeing whether Bitcoin can break through this threshold to continue its upward momentum.

Record Bitcoin ETF Outflows Impact Market

On December 24, BlackRock’s iShares Bitcoin Trust ETF saw $188.7 million in outflows, surpassing the previous record of $72.7 million just days earlier. U.S.-based Bitcoin spot ETFs, as a whole, experienced a combined outflow of $338.4 million, bringing total outflows since December 19 to $1.52 billion.

Despite these outflows, cremains resilient, trading near the key $98,000 level. Interestingly, Ether ETFs saw a contrasting trend. On the same day, Ether ETFs recorded inflows of $53.6 million, adding to the prior day’s $130.8 million.

Ether’s growth reflects shifting market sentiment, with analysts predicting potential outperformance over Bitcoin in January 2025.

Bitcoin Price Outlook: 61.8% Fibonacci Retracement in Play

Bitcoin’s recent price action is marked by strong bullish momentum. Trading at $98,270, BTC is testing critical resistance around $100,000, which aligns with the 61.8% Fibonacci retracement level. The Relative Strength Index (RSI) sits above 50, reinforcing the positive market sentiment.

BTC’s 50-day Exponential Moving Average (EMA) suggests continued upward pressure. However, failure to breach the $100,000 mark could lead to a pullback.

Support is currently seen at $97,910. A successful breakthrough of the $100,000 resistance could propel BTC toward $104,000, marking the next major hurdle.

Key Takeaways

• Bitcoin ETF Outflows: BlackRock’s ETF saw record outflows, but Bitcoin remains resilient above $98,000.
• Support and Resistance: Bitcoin eyes $100,000 resistance with key support at $97,910.
• Ether’s Momentum: Ether ETFs are gaining traction, reflecting potential market shift in 2025.

Bitcoin’s price action continues to show bullish signals, with the $100,000 level serving as a critical test.

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Bitcoin Stays Steady, but SOLX Presale Catches Attention

While Bitcoin’s price has remained relatively stable, there’s an emerging opportunity that has captured the attention of investors. Solaxy’s native token, $SOLX, has seen a remarkable presale success, raising over $5.34 million in a short period. This layer-two solution for the Solana blockchain promises to solve scalability issues by providing zero congestion, errors, and delays — addressing the ongoing congestion Solana has faced.

As interest grows in meme coins and the Solana ecosystem, Solaxy’s innovative solution could offer the scalability needed for the network’s future growth. With the presale ending soon, the strong capital raise suggests substantial demand for $SOLX once it hits decentralized exchanges (DEXs).

n addition to the excitement around the presale, the early success of Solaxy could also lead to potential listings on major centralized exchanges (CEXs), further boosting its prospects.

To purchase $SOLX, simply visit the Solaxy website, connect your wallet, and make a purchase using ETH, USDT, or BNB. Alternatively, you can pay with a bank card.