Bitcoin Targets $97K as ETF Inflows and Spot Buying Rise
Bitcoin could test $95,000-$97,000 if it continues holding above $84,000, according to Glassnode. The on-chain analytics firm identified $96,700 as the next major resistance level, supported by concentrated options positioning.
Bitcoin has moved above its $77,000 True Market Mean and the $84,000-$85,000 long-term holder supply cluster. A break below $84,000 could bring the $77,000 support level back into focus.
The Bitcoin rally is showing signs of stronger spot-market participation. US spot Bitcoin ETFs recorded about $1.3 billion in net inflows over five days after two weeks of outflows. Exchange trading volume has also risen 121% since the rally began.
Glassnode said weekly realised profits remain well below levels seen near the 2024 and 2025 market tops, indicating limited profit-taking pressure. Around 72.5% of tracked altcoins outperformed Bitcoin over the past week, while perpetual futures open interest barely increased over the past month. This suggests the advance is being driven mainly by spot buying rather than excessive leverage.
For traders, $84,000 is the key near-term pivot. Sustained support above it would keep the path toward $95,000-$97,000 open, while a loss of that level could weaken Bitcoin momentum and expose $77,000.
Bullish
The news is bullish because Bitcoin is supported by improving market breadth, renewed US spot Bitcoin ETF inflows and a significant rise in exchange volume. The $1.3 billion five-day ETF inflow indicates that institutional demand has returned after two weeks of outflows. The 121% increase in spot trading volume is also constructive because price gains accompanied by rising spot activity are generally more sustainable than rallies driven mainly by futures leverage.
Bitcoin’s move above $84,000 is the key technical development. Holding this level could attract momentum traders and open a path toward Glassnode’s $95,000-$97,000 resistance zone, with $96,700 as the central level. Limited realised profits and relatively flat perpetual futures open interest reduce immediate evidence of widespread distribution or an overheated derivatives market.
However, the outlook is not risk-free. A failure to hold $84,000 could trigger short-term profit-taking and shift attention to the $77,000 support level. Resistance near $96,700 may also lead to volatility because options positioning is concentrated there. Similar historical rallies have often extended when ETF demand and spot volume strengthened together, but they became vulnerable when inflows reversed or leverage increased rapidly. Longer term, Bitcoin remaining above its realised price and the $77,000 True Market Mean would support the view that the current cycle correction has been relatively shallow.