Bitcoin (BTC) Price Dips After Maintaining Levels Above $104,000 Over the Weekend

Bitcoin experienced a dip earlier today after maintaining levels above $104,000 over the weekend, as investors opted to cash in on recent gains.

After maintaining levels above $104,000 over the weekend, Bitcoin experienced a dip earlier today as investors opted to cash in on recent gains. However, despite these developments, BTC price has yet to fully reflect the recent inflows, suggesting the potential for further upward movement.

Institutions Show Interest In Crypto, Bitcoin ETF Inflows Cross $1.75 Billion

According to data from CoinShares, institutional interest in the cryptocurrency market experienced a significant uptick. Since the start of Donald Trump’s presidency in the US, Bitcoin ETF inflows have surpassed $1.75 billion.

This interest was highlighted by MicroStrategy, which hinted at yet another Bitcoin acquisition for the 12th straight week, underscoring growing confidence in the crypto space.

However, despite these developments, Bitcoin's price has yet to fully reflect the recent inflows, suggesting the potential for further upward movement.

With the upcoming Federal Open Market Committee (FOMC) meeting being a key factor for market sentiment, investors are adopting a cautious stance, awaiting economic guidance to shape their next moves.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls.

Crypto Prices Over The Past Week

Last Monday (January 20), the overall crypto market cap stood at $3.54 trillion. BTC price stood at around $102,000. ETH price stood at around $3,300.

A week later, the overall market cap dipped to $3.45 trillion.

Check Out Top Crypto Prices Today

DeFi's total volume stands at $9.7 billion, at 8.92 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $97.02 billion, at 89.28 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 55 points (out of 100).

BTC dominance, at the time of writing, stood at 58.01 percent.

Over the past seven days, Bitcoin achieved a high of $108,899.82 (on January 20) and a low of $100,421.76 (January 27).

Ethereum, on the other hand, saw a high of $3,425.41 (January 20) and a low of $3,156.08 (January 27).

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CPO Alankar Saxena told ABP Live, "After holding steady above $104,000 over the weekend, Bitcoin saw a correction earlier today as investors locked in profits.

Since Trump’s inauguration, institutional activity has surged, with Bitcoin ETF inflows exceeding $1.75 billion. Meanwhile, MicroStrategy hinting towards another Bitcoin purchase for the 12th consecutive week reflects the renewed confidence in the market.

BTC hasn’t fully reflected these inflows in its price, suggesting room for another rally. With the FOMC meeting being the main catalyst for the ahead, investors are in a wait-and-watch mode, looking for clarity on the economic outlook.”

Thangapandi Durai, CEO and Founder, Koinpark, said, “Over the past week, Bitcoin has experienced its usual share of ups and downs. The market saw a wave of optimism earlier in the week, partly driven by news of Donald Trump’s pre-inauguration events, which sparked discussions about potential policy changes that could favor cryptocurrencies.

As is often the case with Bitcoin, its price has been fluctuating. Analysts have suggested a possible short-term dip before it moves toward key levels, such as the anticipated $100,000. Currently, Bitcoin is trading around $101,820, after reaching a high of $106,307 earlier. This highlights how closely Bitcoin is influenced by global events and investor sentiment. Every week tells a new story, and it’s always fascinating to watch how the market continues to evolve.”

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