BTC Holds $102K as Institutional Demand Heats Up
Market Snapshot:
Bitcoin is holding firm above $102,000 (down ~1.3% today), staying near a three-week high after rebounding from lows near $101,500.
Key Drivers:
$320M in spot BTC ETF inflows on Wednesday; BlackRock’s IBIT led with $232.9M.
Whales added 83,000 BTC in the past month—clear bullish accumulation.
Cooling CPI data boosts hopes for Fed rate cuts; all eyes on today’s PPI report.
Technical Picture:
BTC faces resistance at $105K–$107K with strong support at $100K. A breakout could target $120K+ (per Elliott Wave analysis).
Forecast:
Short-term: Likely range: $102K–$105K, then push higher.
Mid-term: Bitwise CIO eyes $200K by year-end, if adoption accelerates.
Risks:
Overbought RSI, rising stablecoin ratio (5.3)—watch for pullbacks.
Bottom Line:
Momentum is building—but volatility isn’t done yet. Stay sharp