Bitcoin Surpasses $105K with $92 Million in ETF Inflows
The Federal Open Market Committee has maintained US Federal Rates at 4.25-4.5%, contributing to bullish momentum in global markets and cryptocurrency, with the total crypto market cap reaching $3.5 trillion and a nearly 3% price increase.
Bitcoin is trading above $105,000, marking a 2.23% increase and reclaiming its $2 trillion valuation. This growth may signal a potential bull run toward new all-time highs.
Bitcoin Technical Analysis
- Bitcoin shows three consecutive bullish candles, recovering from $101,000 to a high of $105,563, representing a 4.15% increase.
- Bouncing off the $98,750 support, Bitcoin challenges the Fibonacci resistance level at $105,372.
- A close above this level could trigger a breakout pattern, targeting prices of $112,375 and $116,085.
- The $100,000 psychological zone and $98,750 remain key support levels.
Momentum & Trend Indicators
- The Supertrend indicator signals a bullish trend.
- The momentum indicator shows an upward trend, supporting continued price increases.
Institutional Support Increases
- Daily net inflows into Bitcoin ETFs reached $92.09 million on January 29.
- Grayscale acquired $106.23 million and Fidelity purchased $18.20 million in Bitcoin.
- BlackRock sold $28.37 million worth of Bitcoin, while Bitwise's ETF had a net outflow of $3.96 million.
- Despite some outflows, the overall ETF market reflects recovery.
Bitcoin Reserve Debate in the US
- US Senator Cynthia Lummis emphasized the need for a strategic Bitcoin reserve, urging swift action for financial dominance.
Whale Activity and Market Shifts
- 70 entities holding over 1,000 BTC have exited or redistributed their holdings, indicating significant market repositioning.
- This redistribution may reflect a shift in market dynamics and trends.
Overall, Bitcoin appears poised for potential high-momentum movements in the near future.