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Will Bitcoin (BTC) continue its price recovery this week and surpass the $100,000 level?
As the crypto market shifts toward a bullish sentiment in January 2025, Bitcoin is steadily approaching the $100,000 milestone. With a 1.42% surge in the past 24 hours, Bitcoin is maintaining dominance above the $96,000 level.
However, this gradual growth has not received significant institutional support from the ETF market. With BlackRock registering its largest-ever outflow, will the Bitcoin price continue its upward momentum?
Bitcoin Price Analysis
In the 4-hour chart, the BTC price trend reveals a bullish breakout of the local resistance trend line. With a post-retest reversal, the BTC price makes a bullish comeback above the $96,000 level, marking its third consecutive positive day.
The recovery run saw a price increase from $92,637 to $96,900, reflecting a 4.61% rise. However, the intraday pullback of 0.11% has dropped the current market value to $96,804.
This represents a minor retest of the broken 100 EMA line on the 4-hour chart. Furthermore, the recovery rally has resulted in a bullish crossover between the 20 and 50 EMA lines, increasing the likelihood of a golden crossover.
The 4-hour RSI has shifted sideways, just below the overbought boundary, indicating an overall bullish sentiment. Consequently, the dynamic average lines and momentum indicator are signaling a buy for Bitcoin.
BlackRock Sees Outflow as Other Bitcoin ETFs Recover
Despite the bullish trend in the market, institutional support for Bitcoin continues to weaken. While five out of nine Bitcoin ETFs registered positive inflows on Thursday, BlackRock’s IBIT ETF experienced a massive outflow of $332.62 million.
This results in a daily net outflow of $242.30 million. Notably, the Thursday negative flow from BlackRock, the largest Bitcoin ETF, represented its biggest-ever outflow.
BTC Price Targets
With a post-retest reversal from the 100 EMA line, Bitcoin’s bull run is likely to target the immediate resistance at $99,514. A breakthrough could significantly increase the chances of Bitcoin reclaiming the $100,000 mark in January 2025.
However, a decline below the 100 EMA line would alter the current market dynamics. This could lead to a retest of the 50 EMA line at $95,304.