Bitcoin (BTC) price has gained significant bullish sentiment, despite its 2% retrace on Thursday, January 15, to trade at about $95.4k At press time. The flagship coin has cooled down from its bullish momentum gained in the past few days following the bipartisan delay of the Clarity Act.
Bitcoin Price Eyes $99k After Its Rebound From $87k
According to onchain data analysis from Glassnode, Bitcoin price is now eyeing $99k after rebounding from its support level around $87k. Notably, Glassnode’s data shows that BTC price has rebounded from its active investors’ mean of around $87.8k and is now aiming to retest its short-term holders’ cost basis around $98.4k.
Meanwhile, Crypto Rover believes that Bitcoin’s midterm bullish outlook will be invalidated if the flagship coin consistently drops below $94k.
What’s the Bigger Picture?
Bitcoin price remains heavily influenced by the macroeconomic outlook and the United States investors. Following an impressive gold parabolic rally since early 2024, there is a rising consensus that the bullion has experienced its blowoff top, and is on the cusp of market reversal or multi-year consolidation.
As such, institutional liquidity, which has recorded palpable profits through the precious metal industry, is gradually proliferating into the Bitcoin and the wider crypto market. Moreover, the Stablecoin market has surged by more than $50 billion since the enactment of the Genius Act last year.
Meanwhile, the U.S. institutional investors have turned bullish as evidenced by the Coinbase Bitcoin Premium Index, which recently turned green after a prolonged selloff. During the past two days, the U.S. spot BTC ETFs have recorded a net cash inflow of about $1.6 billion.
As such, BTC price is well positioned to continue in a bullish outlook, especially after the Clarity Act is passed and enacted in the United States. Furthermore, global liquidity has been exploding in the recent past catalyzed by the Federal Reserve’s Quantitative Easing (QE) amid its lower interest rates.