Will the price of Bitcoin sustain the surge in bullish momentum to bounce back to $102,557 in the next 24 hours?
As Bitcoin springs back into action, the total crypto market cap has surged to $3.45 trillion. The recovery in Bitcoin is aimed at a bull run above $100,000, supported by institutional and derivatives backing the narrative.
Bitcoin Price Analysis
With an impressive recovery of 5.10% over the past week, Bitcoin’s price surged from $93,564 to a closing price of $98,327. Despite a slowdown over the weekend, the bullish recovery continues with an intraday gain of 1.41%, breaking the $99,000 barrier.
Currently, the BTC market price stands at $99,658, with a potential breakout rally to the $100K level. The crucial resistance at $99,500 has been a significant overhead supply level. Therefore, a four-hour closing above this level will mark a BUY signal.
Meanwhile, the surge in buying pressure has resulted in a positive crossover between the 50 and 200 EMA, followed by a crossover between the 50 and 100 EMA. With multiple bullish crossovers, the moving averages are regaining positive alignment.
Furthermore, the 4-hour RSI line has also entered the overbought zone, reflecting a potential trend reversal.
ETF Trends Hint at a Positive Week
Over the past week, institutional support has been volatile, with Bitcoin spot ETFs experiencing significant outflows for most of the week. However, a strong inflow of $908.1 million on Friday resulted in a positive week.
Bitcoin ETFs
The massive purchase on Friday was led by Fidelity’s FBTC with $356.95 million, followed by BlackRock with $253.1 million, and ARK and 21Shares with $222.6 million. The weekly net inflow totaled $244.99 million.
With nearly $245 million worth of inflows over the past week, the bullish support for Bitcoin from institutions will likely drive the uptrend further.
Bitcoin OI Shoots to $57 Billion
Amid increasing institutional support, Bitcoin’s open interest has bounced back by 2.69% to reach $57.81 billion.
Furthermore, the long-to-short ratio over the past 24 hours has turned bullish, surpassing the ratio threshold of 1.
Bitcoin Derivatives
Additionally, the funding rate has risen to 0.0103%. Traders are willing to pay a premium price to hold long positions, indicating strong bullish sentiment.
BTC Price Targets
Considering the support from institutions and the derivatives market, the BTC price action analysis suggests a strong possibility of a $100,000 breakout. This bullish trend could push Bitcoin to the next overhead supply zone at $102,557 within the next 24 hours, assuming the situation remains unchanged.
On the other hand, a minor retest of $99,000 is possible, which could delay the target price to 48 hours.
