Why Bitcoin Could Still Slip Below $100,000 Despite $9 Billion Inflows

Key Points

1. Bitcoin ETF inflows reached $9 billion over five weeks, the highest since spot products launched in January 2024.

2. Over 69,000 BTC were deposited into exchanges in 16 hours, signaling potential sell-side intent.

3. Bitcoin's price pulled back from a high of $123,000 to between $115,930 and $118,330 on July 16.

4. Fibonacci retracement levels indicate critical support between $98,200 and $123,000, with a breakdown potentially leading to $98,000.

5. Gold ETFs lost $2.8 billion during the same period, highlighting a shift from traditional safe-haven assets to crypto-based exposure.