Bitcoin’s Bullish Mirage: ETF Outflows and Pattern Unfolds

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In the bustling ledger rooms of a modern bazaar, Bitcoin-the gleaming coin of the new era-receives attention with the mood of a provincial clerk hearing a wedding sermon. Over the past week, U.S. spot Bitcoin ETFs shed about 681 million dollars, as if the financiers suddenly remembered a kettle left on the stove and dashed off with theatrical urgency. Yet the charts, stubborn as a village oracle, keep whispering of a bullish pattern wearing a mischievous grin. 😏💼

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Looking at the daily chart, Bitcoin price appears to have formed an Adam and Eve pattern since mid-November last year. The pattern, characterized by a sharp V-shaped spike followed by an extended rounded bottom, typically serves as a precursor to a bullish reversal once the price breaks above the neckline resistance. A theatrical two-step, if you will, with destiny waiting behind the curtain. 🎭

A confirmed breakout from the pattern neckline at $94,138 could instill buyers to target the Nov. 11 high of $107,500 next, with relatively few major hurdles in between. The crowd guards the doorway with a mix of anticipation and coffee. ☕

Bitcoin may attempt a breakout soon as technical indicators lean in favor of the bulls. Notably, the 20-day SMA has formed a bullish crossover with the 50-day SMA, a move that often suggests a resumption of upward momentum on shorter timeframes. Momentum, it seems, is whispering to the ears of charts that the party is not yet over. 📈

Momentum indicators like the MACD lines were also flashing buy signals when writing, indicating that selling pressure may be easing. A chorus line forms: the bears step back, the bulls lean in, and the crowd pretends not to notice the volatility with a practiced shrug. 😂

On the contrary, $89,600, which aligns closely with the 50-day SMA, is expected to serve as a critical level of support that bulls need to defend to avoid further downside. The fortress stands, albeit with a few moat-guarding alligators of doubt snapping at the drawbridges. 🛡️🧭

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2026-01-12 13:57