Bitcoin Surges Past $103K Can the Rally Continue to $107K?

Today, Bitcoin reversed course and surged above $103,000. Now, we need to know if this recovery can keep going strong enough to reach the $107K mark. The bitcoin market is going up as worries about DeepSeek AI go down. As Bitcoin recovered and climbed over the $103,000 threshold, the overall crypto market capitalization regained the $3.5 trillion milestone. Can Bitcoin’s recent recovery rally continue to reach $107,000? The market has recovered to a $2 trillion valuation thanks to it.

Bitcoin Price Analysis

The price of Bitcoin has broken over the 200 EMA line and is now showing a quick V-shaped reversal on the 4-hour chart. Strong support has been supplied by the 50% Fibonacci level at $98,611, which has helped to construct a morning star pattern. Bitcoin has resumed its upward trajectory after a price rejection at $97,750 brought it to a new low.

It has surpassed the 200, 100, 50, and 20 EMA lines and is now trading at $103,227. However, The next urgent objective is the 78.6% Fibonacci level, which is $103,393. On the other hand, persistent opposition is indicated by increased price rejection. Bitcoin Surges Past, An increase in demand has been signaled by the 4-hour RSI returning to the midpoint following the positive reversal.

Institutional Bitcoin Support Weakens Amid ETF Outflows

The recent collapse in the value of technology stocks in the United States has resulted in decreased institutional backing for Bitcoin despite the robust comeback. U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a withdrawal of $457.48 million on January 27.

$63.94 million was made available to BlackRock, who continued to be the only purchaser. In the meantime, Fidelity was the company that led the selling binge, with an outflow of $268.59 million, followed by Grayscale’s GBTC, which had an outflow of $108.47 million.

The amount of money taken out of Bitwise was $88.57 million, and ARK and 21Shares raised $50.11 million by selling Bitcoin. The least amount of money was sold by VanEck, which had a total outflow of $5.68 million. There was no net outflow from the remaining six Bitcoin exchange-traded funds.

Bullish Speculations in Bitcoin Derivatives

The cryptocurrency market has experienced liquidations of $588.66 million over the past twenty-four hours. Bullish optimism is coming back in Bitcoin derivatives despite the persistence of volatility. At the same time that the long-to-short ratio has increased to 0.9681.

Open interest has recaptured its previous worth of $66 billion. Regarding funding rates, they have also undergone a V-shaped recovery, currently at 0.0085%. Bitcoin Surges Past, These events demonstrate robust positive momentum, which indicates the possibility of an extended rally for the market.

BTC Price Targets

A breakout over the 78.6% Fibonacci barrier at $103,393 would indicate a potential buying opportunity for Bitcoin, currently seeing a V-shaped recovery fueled by optimistic speculation. Bitcoin Surges Past, Fibonacci levels have been used to determine the price goal of $107,123.

Significant support levels are at the $100,000 mark in the negative direction, and the 50% Fibonacci level is at $98,611.The content presented here is intended to provide information and should not be construed as financial advice. The author’s personal opinions may be included.

The views in this article do not represent the opinion of The Crypto Basic. It is strongly recommended that readers conduct an extensive study before making investment decisions. However, it is not The Crypto Basic’s responsibility to compensate for any financial losses.

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