Cryptocurrency Markets Trade Higher as Bitcoin Prices Race Towards Reclaiming the $100,000 Mark

Cryptocurrency markets are trading higher on Friday, with Bitcoin prices racing towards reclaiming the $100,000 mark again despite record ETF outflows on Thursday.

(Kitco News) - Cryptocurrency markets are showing signs of recovery Friday, with Bitcoin prices making another attempt to reclaim the $100,000 level despite record exchange-traded fund outflows on Thursday.

After briefly dipping below the key psychological level of $95,000 on Thursday, BTC/USD prices recovered and were last trading at $98,115, up 1.15% on the day.

The world's largest cryptocurrency hit a record high of $99,888 on Wednesday but quickly reversed course as traders booked profits and reacted to news of the record ETF outflows.

Bitcoin prices are still up over 20% from the year-to-date lows of around $80,000 seen in early September.

Top Gainers

Among the top performers Friday were ApeCoin, which rose over 10%, and Filecoin, which added more than 8%.

Other notable gainers included Helium, NEAR Protocol, and Polygon, which were up more than 5%.

Total cryptocurrency market capitalization stood at $3.12 trillion, according to CoinGecko, and the total 24-hour trading volume was around $263 billion.

Crucial Statistics

Bitcoin Fear and Greed Index: 70 (Greed)

Relative Strength Index (RSI) for BTC/USD on the daily chart: 73.38 (Overbought)

Bollinger Bands for BTC/USD on the daily chart: Upper band at $99,888, Lower band at $88,888

Cryptocurrency technical outlook

Crypto trader Income Sharks highlighted a bullish trifecta on Friday as Bitcoin prices recovered and made another attempt to reach the $100,000 level.

According to the trader, three key indicators are pointing to positive price action — rising Bitcoin prices, increasing market capitalization, and declining Bitcoin dominance.

"Nothing more bullish than Bitcoin price going up while dominance going down and marketcap going up. Perfect rejection and following the arrow," Income Sharks wrote in a tweet.

However, Rekt Capital warned traders against assuming that Bitcoin is now "bear market-proof" due to its mainstream adoption and maturity, which is a common narrative in the crypto space.

According to the trader, another bear market is still due to follow this bull run, and it will likely be "brutal."

"Everyone's talking about how mature & adopted $BTC is, so it can't go into a bear market again. Yet another Bear begins later this year, with the majority of the downside occurring in 2026," Rekt Capital wrote in a tweet.

Cryptocurrency chart analyst Ali Martinez observed that Bitcoin is at a critical juncture, and a retest of the 50-day moving average (MA) is possible.

According to the trader, a sustained close above the 50-day MA is crucial to ending the correction and confirming a continuation of bullish momentum.

"This might just be a retest of the 50-day MA before a potential move lower. A sustained close above the 50-day MA is essential to signal the end of the correction and confirm bullish momentum," Martinez wrote in a tweet.