Bitcoin has surpassed $102,000 as institutional ETF inflows fuel the price rally. Will $111,570 be the next target?
With the bullish recovery in the crypto market, Bitcoin has surpassed the $100,000 mark for the second time in 2025. Reaching a 24-hour peak of $102,088, the bull run is gradually gaining momentum.
Amid the recovery, growing institutional support and rising bullish speculation present significant upside potential. Will a breakout at the $102,557 level result in a new all-time high as the crypto landscape turns bullish?
Bitcoin Price Analysis
In the 4-hour chart, BTC price action shows a continuation of the bullish trend after a minor retest of the 20-day moving average. This resulted in a 24-hour low of $97,319.
However, with the Morning Star pattern, the bullish recovery has brought the price to $101,446. Additionally, the recovery began with an RSI divergence rally around the $90,000 mark and is now completing a rounding bottom pattern.
The neckline of the rounding bottom pattern is at the $102,557 supply zone. With the ongoing recovery, the golden crossover between the 50- and 200-day EMAs, as well as the positive crossover between the 100- and 200-day EMAs, have regained positive alignment.
Furthermore, the 4-hour RSI is now approaching the overbought boundary, indicating a high possibility of a breakout rally according to technical indicators.
Bitcoin Spot ETFs Acquire $626 Million
The bullish sentiment in the crypto market is growing ahead of Donald Trump’s inauguration on January 19. Daily net inflows into U.S. spot Bitcoin ETFs continue to rise, with $626.15 million recorded on January 16.
The bull run was largely driven by the return of BlackRock, which embarked on a buying spree. BlackRock purchased $527.87 million worth of Bitcoin, followed by ARK 21Shares, which accumulated $155.44 million in inflows.
Additionally, VanEck, Fidelity, and Bitwise collectively bought nearly $13 million worth of Bitcoin. While the remaining ETFs saw no net outflows, Grayscale’s Bitcoin Trust sold off $69.97 million worth of Bitcoin.
The overall positive trend in Bitcoin ETFs suggests a favorable outlook in the coming days.
Bitcoin ETFs
Bitcoin Open Interest Hits $65 Billion
With the growing inflows and the rising Bitcoin prices, the speculations in the derivatives market are turning extremely positive.
With a 1.57% surge in Bitcoin open interest, reaching $65.10 billion, the long-to-short ratio of 1.0173 reflects more open bullish positions.
Bitcoin Derivatives
Furthermore, the funding rate remains at 0.0077%, reflecting the confidence among traders to hold bullish positions.
BTC Price Targets
Based on BTC price action, the rounding bottom reversal suggests a buying opportunity for significant upside. Therefore, a breakout above the $102,557 level is likely to test immediate resistance at $106,888. Additionally, Fibonacci levels indicate an upside target of $111,570.
