Bitcoin (BTC-USD) was trading around $96,827.10 by 11:55 GMT on Thursday, easing slightly from levels near $98,000 reached yesterday as the market digests a fresh wave of inflows and macroeconomic data.
A key driver in recent sessions has been the large net inflows into US spot Bitcoin ETFs. Data shows that US Bitcoin ETF products attracted hundreds of millions of dollars in net inflows, reversing earlier outflows and indicating renewed institutional demand.
Fidelity’s FBTC and BlackRock’s IBIT have accounted for a substantial portion of this interest, signalling that large allocators are re‑engaging with regulated crypto exposure.
That influx of capital helped lift Bitcoin through the $95,000 resistance zone earlier this week and contributed to the upswing toward the $97,000 area. On Wednesday, Bitcoin briefly topped $97,000, its highest level in over two months, as cooler US inflation data and positive macro signals buoyed risk assets.
Regulatory context remains part of the narrative as well. A proposed US crypto market clarity bill continues to be discussed, and shifts in legislative momentum have influenced market sentiment. While details of any regulatory action are still unfolding, the prospect of clearer digital asset frameworks has been cited alongside inflow data as a reason why confidence around Bitcoin has improved.
Despite recent strength, some caution is evident as the rally retraces slightly today. Traders are watching how Bitcoin holds above its recent breakout levels following the push toward $98,000. Price action above key zones such as $95,000–$97,000 remains a focus, with any move back below those levels likely to draw renewed selling pressure or short‑term profit‑taking.