Bitcoin (BTC) approached the $100,000 milestone on Dec. 21, following a dramatic price rebound that delivered significant upside momentum. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD surging by $7,000 in under 24 hours. After dipping near December lows of $92,000 and liquidating leveraged long positions, Bitcoin rallied as the weekend began. It reached $99,500 on Bitstamp, with bulls pushing for six-figure territory despite the absence of institutional trading activity. Coinbase saw a resurgence of buying pressure, reversing earlier sell-side activity. “Coinbase buying a lot since lows,” noted trader Exitpump on X, contrasting the buying volumes on Coinbase with those on Binance. Another trader, Superbro, highlighted that Bitcoin’s 50-day simple moving average (SMA) acted as a robust support level. On shorter timeframes, Superbro observed a potential breakout pattern forming in the shape of an inverse head and shoulders, a bullish indicator for both short- and long-term trends. Meanwhile, trading account Doctor Magic drew attention to Bitcoin’s relative strength index (RSI), describing recent movements as a potential “scam” breakdown. “There is a reason I am obsessed about this RSI scam breakdown that I have been posting for a while now; it happened in every major leg up until the first local top,” he explained, referencing past price correlations. At the time of writing, Bitcoin’s daily RSI stood at 52, maintaining its position above the critical midpoint of 50. During bull markets, Bitcoin’s RSI often remains above the overbought threshold of 70 for extended periods. While Bitcoin’s resurgence neared $100,000, it came too late for U.S. spot Bitcoin exchange-traded fund (ETF) investors. On Dec. 20, ETFs experienced net outflows of nearly $300 million, with the iShares Bitcoin Trust (IBIT) recording its largest single-day outflow of $72.7 million.
