Bitcoin Eyes $97K as Inflows Surge and Institutional Demand Grows
Bitcoin is consolidating above $94,000 after a 10% weekly gain, with technical analysis pointing to a potential breakout toward $97,000 if it clears the key $95,000 resistance. Last week, U.S. spot Bitcoin ETFs attracted $3.06 billion—the highest inflow since mid-November—signaling strong institutional interest, partly driven by optimism around the U.S. presidential election.
QCP Capital reports this rally is more stable than past ones, driven by traditional finance rather than speculative leverage. Spot ETF inflows have continued for six straight days, while funding rates remain neutral to slightly negative.
In Arizona, two bills (SB1373 and SB1025) aiming to add Bitcoin to state reserves may face a vote soon, further highlighting growing mainstream adoption.
BTC recently broke above its 200-day EMA at $85,000, rallied 11.14%, and is now testing $95,000 again. A daily close above this level could pave the way to $97,000.
