Bitcoin price move above $100K could pull SOL, SUI, ICP and ENA higher
Bitcoin bulls keep pushing for $100,000, and if they make it, SUI, ENA, SOL and ICP could also break out.
Bitcoin (BTC) rallied about 4% this week, indicating solid demand at lower levels. The United States spot Bitcoin exchange-traded funds (ETFs) witnessed outflows of $242.3 million on Jan. 2 but bounced back with a vengeance on Jan. 3 with inflows of $908.1 million, per Farside Investors data. This suggests that investors expect Bitcoin to resume its uptrend.
Another positive for Bitcoin is that the selling pressure could be reducing. According to CryptoQuant data, Bitcoin exchange inflow — the total amount of Bitcoin transferred to exchanges — dropped in December from the Nov. 25 peak of 98,748 Bitcoin. Similarly, miner outflows have also declined since the Nov. 11 peak, when miners sent 25,367 Bitcoin to exchanges.
Crypto market data daily view. Source: Coin360
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Author: Rakesh Upadhyay
