Bitcoin Surpasses $102,000 with $111,573 Price Target Ahead
The total crypto market valuation has surpassed $3.5 trillion, with Bitcoin breaking above $102,000 after a 2.13% intraday gain. The bullish trend is strengthening.
Bitcoin Analysis
- Bitcoin experienced a 15% increase over four days, rising from $89,164 to $102,063.
- A breakout from a falling channel pattern indicates bullish momentum.
- The golden crossover between the 50 and 200 EMA lines suggests a buying opportunity.
- Key resistance is at $102,514; surpassing this may target $108,000 or higher, with Fibonacci levels indicating an upside target of $111,573.
- Support is now at $100,874.
Institutional Support
- Daily net inflow of US-bought Bitcoin ETFs on January 16 totaled $626.15 million.
- BlackRock's IBIT ETF led with an inflow of $527.87 million.
- Grayscale Bitcoin Trust recorded an outflow of $69.97 million.
- Total inflows for Bitcoin ETFs reached nearly $1.4 billion, supporting bullish sentiment.
On-Chain Metrics
- Long-term holders exhibit greed as Bitcoin exceeds $100,000, indicated by the long-term holder NUPL reaching euphoric levels.
- $97,000 serves as crucial support according to UTXO realized price distribution.
- Corrections might occur due to market volatility, but the broader bull run remains intact if key support holds.
Derivatives Market
- Bitcoin open interest increased by 5.82%, reaching $65.93 billion.
- Options volume rose by 10.60% to $4 billion.
- The long-to-short ratio is 1.035, showing more bullish positions, but fewer top trader accounts on Binance are bullish.
- Funding rates have increased to 0.0117, reflecting trader confidence in holding bullish positions.
In summary, Bitcoin's upward momentum, supported by institutional interest, suggests potential new highs, targeting $111,573.