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Bitcoin (BTC) surged to nearly $100,000 on December 21, following a massive price bounce that saw the cryptocurrency soar to highs of $99,500 on Bitstamp. This rally followed a period of consolidation around the $92,000 mark, offering relief to traders after a brief dip. The rebound was largely driven by renewed buying activity from retail investors, particularly on Coinbase, which had previously experienced selling pressure.

Coinbase Buying Fosters BTC Surge

Popular trader Exitpump noted that Coinbase saw significant buying activity after Bitcoin prices hit their lows. This marked a shift from the selling pressure previously exerted by institutional players on the exchange. The surge in buying volumes on Coinbase contrasted sharply with Binance, which saw less substantial activity. According to fellow trader Superbro, the 50-day simple moving average (SMA) had provided solid support for BTC, helping the asset stabilize and set the stage for the rally.

Technical analysts also observed a potentially bullish pattern forming in the BTC price charts. Superbro pointed out the development of an inverse head-and-shoulders pattern, a classic technical formation often seen during market reversals. This pattern suggests that Bitcoin might be on the verge of a breakout, signaling potential for both short-term and long-term price gains.

RSI Breakdown Points to Potential Upside

Another key indicator that traders have been watching is Bitcoin's Relative Strength Index (RSI), which has historically signaled potential price moves. Doctor Magic, a trading account known for its in-depth analysis, referred to the current RSI as a "scam breakdown." This phenomenon occurs when the RSI is driven artificially low, a signal that has often preceded major upward price movements in Bitcoin's history. With the RSI sitting at 52, it remains in the neutral zone, though previous instances of prolonged bull runs have seen the RSI remain well above 70 for extended periods.

Despite the potential for significant upside, the technical signals surrounding Bitcoin's price have led to a mixed sentiment in the market, especially among investors in Bitcoin exchange-traded funds (ETFs).

Bitcoin ETFs See Record Outflows

While Bitcoin’s price action continues to capture the attention of retail traders, institutional investors in US-based Bitcoin spot ETFs have had a less favorable experience. On December 20, these funds recorded nearly $300 million in net outflows, with the iShares Bitcoin Trust (IBIT) suffering its largest-ever outflows of $72.7 million. The overall total for Bitcoin ETF outflows hit a staggering $671 million on December 19, marking a record high.

The outflows come despite Bitcoin’s surge back toward the $100,000 mark, underscoring a growing disconnect between institutional investors and the retail-driven market rally. For ETF investors, this period of outflows could prove to be bittersweet, as they are left grappling with the timing of their investments amidst volatile market conditions.

Outlook for Bitcoin

As Bitcoin nears the $100,000 mark once again, all eyes are on the continued buying pressure from retail investors and the potential for further upside. The technical signals, including the 50-day SMA support and the inverse head-and-shoulders pattern, suggest that Bitcoin could be on the cusp of a major breakout. However, with Bitcoin ETF outflows reaching record levels, the market remains split between optimism and caution.

Only time will tell if Bitcoin can reclaim its six-figure price level and sustain the momentum heading into the new year. For now, the Bitcoin price action remains one of the most closely watched developments in the crypto space.