Bitcoin (BTC) Price Nears $100K Retest as New Investors Pile In

Bitcoin's recent price movement has attracted a wave of new investors, as shown by a 3% rise in short-term holders (STH) over just one week.

Short-term bitcoin (BTC) investors have seen a 3% rise in just one week, with on-chain data revealing that these investors, now holding bitcoin for less than three months, are making up a larger portion of the market. This coincides with bitcoin's recovery from a recent low of $92,300, reaching an intraday high of $99,400 on Christmas Eve.

The data also highlights significant activity from South Korean investors, where the Korean bitcoin premium has surged to a local high of 5.12. This indicates heightened demand for bitcoin in the region, as retail investors remain actively involved despite broader market fluctuations.

Bitcoin's price action on hourly charts is forming a symmetrical triangle, a pattern usually associated with consolidation periods and potential breakouts. The neckline at $99,000 is a critical resistance level, with a possible breakout targeting $102,557. At its current level of $98,400, BTC shows resilience, supported by a positive crossover between the 20 and 200 exponential moving averages (EMAs). The 4-hour RSI, which recently crossed the midpoint, reflects growing buying pressure. However, resistance near the psychological $100,700 mark is presenting a key hurdle to overcome before a definitive breakout can occur.

While retail investors appear to be driving the current momentum, institutional activity has slowed, with U.S. spot bitcoin ETFs recording a net outflow of $338.38 million on Dec. 24. Major players like BlackRock and Fidelity saw significant withdrawals of $188.71 million and $83.16 million, respectively.

Despite this, bitcoin's market cap is inching closer to $2 trillion, fueled by a 4.56% recovery over the past 24 hours. Increased market activity has led to $252.67 million in liquidations, with $103.22 million coming from long positions.