The cryptocurrency market is ablaze with excitement as Bitcoin’s resurgence propels the total crypto market cap to a staggering $3.45 trillion. Bolstered by institutional backing and strong derivatives performance, Bitcoin (BTC) is poised to achieve a historic milestone of $100,000, with bullish momentum signaling further upward potential.
Bitcoin Price Analysis: Aiming for Six Figures
Bitcoin has recorded a remarkable 5.10% recovery over the past week, rallying from $93,564 to close at $98,327. The momentum continues with an intraday gain of 1.41%, pushing the BTC price to $99,658. A critical resistance level at $99,500 serves as the gateway to $100,000, with technical indicators favoring a bullish breakout.
The recent crossover between the 50, 100, and 200 exponential moving averages (EMAs) indicates strengthening upward momentum. However, the overbought condition of the 4-hour RSI suggests a potential short-term correction before the next rally.
Institutional Inflows Spark Optimism
Institutional interest in Bitcoin spot ETFs experienced a turnaround last week, culminating in a robust inflow of $908.1 million on Friday. Fidelity’s FBTC led the pack with $356.95 million, followed by BlackRock at $253.1 million, and ARK and 21Shares contributing $222.6 million collectively.
This strong institutional backing underscores the increasing confidence in Bitcoin’s potential, with total weekly inflows reaching $244.99 million.
Open Interest and Derivatives Point to Strength
Bitcoin’s open interest has climbed 2.69% to $57.81 billion, reflecting heightened activity in the derivatives market. A bullish long-to-short ratio and a rising funding rate of 0.0103% further emphasize strong sentiment, as traders bet on continued gains.
BTC Price Targets: $100K and Beyond
If Bitcoin clears the $99,500 resistance, a $100,000 breakout is highly probable within the next 24 hours, targeting $102,557 as the next supply zone. However, a brief retest of $99,000 could slightly delay the rally, extending the timeline by 48 hours.
Also Read: Bitcoin Trump Rally Faces Risk of Slowing Ahead of End-January FOMC Meeting – 10x Research
With institutional backing and a resilient market structure, Bitcoin appears primed for an explosive rally that could redefine its trajectory in the crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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