Bitcoin price rose, breaking $100,000 on rising US CPI readings. Even so, institutions are redeeming their BTC spot ETF shares.<\/p>\n
Bitcoin <\/span><\/p>\n <\/span><\/p>\n <\/p>\n has been choppy this week. The good news is that prices are holding at the upper end of this month\u2019s price range, a bullish indicator.<\/p>\n After a concerning dip below $90,000 earlier this week, prices rebounded strongly on Wednesday, January 15, breaking above $100,000 for the second time this month. <\/span><\/p>\n The last time this printed was early last week when prices surged to $102,000 before sharply declining to $91,000. Although prices are currently higher, it\u2019s uncertain whether Bitcoin has fully recovered.<\/span><\/p>\n Interestingly, institutional investors appear skeptical of the uptrend despite Bitcoin\u2019s recent gains. And their caution is understandable.<\/span><\/p>\n Bitcoin and the financial markets are rallying unexpectedly in response to mixed economic data from the United States.<\/span><\/p>\n Yesterday, the Labor Department reported that the Consumer Price Index (CPI) rose<\/a> rapidly in nine months, primarily driven by rising energy costs. <\/span><\/p>\n However, while inflation is increasing, underlying inflationary pressures seem to be easing. Most importantly, core inflation is slowing down, which is a positive sign.<\/span><\/p>\n This report follows the Labor Department\u2019s revelation that the Producer Price Index (PPI) increased<\/a> slower than economists predicted.<\/span><\/p>\n\n Therefore, combining the slowdown in core inflation with the slower-than-expected PPI growth, analysts concluded that the economy might be cooling down and inflation may decrease. <\/span><\/p>\n This suggests that the Federal Reserve, which adopted a hawkish stance<\/a> in the December FOMC meeting, may not aggressively implement tight monetary policies in Q1 2025.<\/span><\/p>\n Bitcoin is increasingly sensitive to monetary policy decisions, and its price may increase or decrease depending on the path chosen by the Federal Reserve. <\/span><\/p>\n The indication of a \u201cwarming\u201d economy resonates positively with traders, fueling demand and ultimately driving Bitcoin above $100,000.<\/span><\/p>\n Technically, the uptrend remains intact, and as long as BTC trades above $90,000, prices will likely remain within a bull flag. Any breakout above $108,000 could propel the world\u2019s most valuable cryptocurrency toward $120,000 as bulls double down.<\/span><\/p>\n\n (BTCUSDT<\/a>)<\/p>\n Although traders are optimistic and momentum is picking up after prices broke $100,000, institutional demand for spot Bitcoin ETFs is drying up.<\/span><\/p>\n According to Lookochain data, institutions appear to be redeeming their shares.<\/span><\/p>\n\n (Source<\/a>)<\/p>\n On January 15, over 3,000 BTC valued at $302 million were redeemed. Notably, BlackRock\u2019s iShares also experienced outflows of 2,274 BTC, or $224 million.<\/span><\/p>\n Furthermore, on January 14, institutions continued to sell, withdrawing 2,244 BTC worth $216.1 million.<\/span><\/p>\n\n (Source<\/a>)<\/p>\n The fact that the \u201cbig boys\u201d are redeeming their shares suggests broader hesitation among institutional investors. With Bitcoin rallying and spot Bitcoin ETFs experiencing outflows, it may indicate that they are taking profits or shifting funds to other assets, such as bonds.<\/span><\/p>\n This approach makes sense. After the rally in November, the crypto market appeared to be overextended. <\/span><\/p>\n Coupled with lingering market concerns, Wall Street may be cautious about over-committing amid ongoing economic uncertainties.<\/span><\/p>\n Nevertheless, this outlook could change if Bitcoin continues to rally and breaks $108,000.<\/span><\/p>\n EXPLORE:\u00a0Dust Settles Over XRP Price Crash: Best Presale to Buy in 2024?<\/a> Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n The post Bitcoin Reclaims $100,000 on Inflation Data, but the Big Boys Are Not Convinced<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin price rose, breaking $100,000 on rising US CPI readings. Even so, institutions are redeeming their BTC spot ETF shares. Bitcoin Price Trading volume in 24h <!– ? –> Last 7d price movement has been choppy this week. The good news is that prices are holding at the upper end of this month\u2019s price range, […]<\/p>\n","protected":false},"author":0,"featured_media":36347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-36346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/36346"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36346"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/36346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/36347"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n <\/p>\nInflation Data Lifts Bitcoin Price<\/span><\/strong><\/h2>\n
Wall Street is Skeptical About $100k<\/span><\/strong><\/h2>\n
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