Today, Bitcoin’s price unexpectedly surged beyond $103,000. The question is whether this comeback can maintain its momentum and hit $107,000. Concerns about DeepSeek AI have subsided, and the bitcoin market has risen. Market capitalisation for all cryptocurrencies rose above $3.5 trillion as Bitcoin fully recovered and passed the $103,000 level. Will the latest comeback rise in Bitcoin prices sustain a price of $107,000? It helped the market rebound and reach a valuation of $2 trillion.
Analysis of the Bitcoin Price
After surging beyond the 200 EMA line, Bitcoin’s price has begun to display a brief V-shaped reversal on the 4-hour chart. The morning star pattern was encouraged to form by the strong support provided by the 50% Fibonacci level at $98,611. After hitting a new low due to a price rejection of $97,750, Bitcoin has resumed its upward journey again. Currently, its price is $103,227, which is above the 200, 100, 50, and 20 EMA lines. Having said that, $103,393 (the 78.6% Fibonacci level) is the next critical target. Conversely, heightened price rejection is indicative of sustained opposition. Bitcoin Continues to Rise, After the bullish reversal, the 4-hour RSI returned to its midway, indicating increased demand.
Bitcoin’s Institutional Support Falls Due to ETF Withdrawals
Despite Bitcoin’s strong recovery, institutional support has dwindled due to the recent crash in the value of US technology stocks. A withdrawal of $457.48 million was made from U.S. spot Bitcoin ETFs on January 27. Bitcoin Exceeds, BlackRock remains the sole buyer after receiving $63.94 million.
The selling spree was spearheaded by Fidelity, with $268.59 million going out, and was followed by Greyscale’s GBTC, with $108.47 million going out. Bitwise lost $88.57 million, while ARK and 21Shares made $50.11 million on Bitcoin sales. Among the firms, VanEck had the lowest outflow of capital, totalling $5.68 million. Of the six remaining Bitcoin ETFs, none saw a net withdrawal.
Bitcoin Derivative Bullish Speculations
In the last twenty-four hours, $588.66 million worth of bitcoin has been liquidated off the market. Bitcoin derivatives are seeing a resurgence of bullish sentiment, with or without the continued volatility. Concurrently, the long-to-short ratio went up to 0.9681. The market value of open interest has returned to its prior level of $66 billion. Another indicator of a V-shaped recovery is the financing rate, which is presently at 0.0085%. Bitcoin Continues to Rise; these developments show strong upward momentum, which could lead to a market rally for a while.
Expected Bitcoin Prices
Bitcoin, which is presently experiencing a V-shaped comeback driven by hopeful speculation, might be a good investment opportunity if it were to break over the 78.6% Fibonacci barrier at $103,393. A price target of $107,123 has been established for Bitcoin based on its recent surge past Fibonacci levels. Bitcoin Exceeds, The $100,000 is a significant negative support level, whereas $98,611 is the 50% Fibonacci level L.P.
Does not take the material here as a substitute for professional financial advice. Opinions expressed by the author may be incorporated. The opinions expressed in this article are not those of The Crypto Basic. Before making any investing decisions, readers are highly encouraged to perform thorough research. On the other hand, The Crypto Basic won’t pay up if you lose money.
Summary
Bitcoin, which is presently experiencing a V-shaped comeback driven by hopeful speculation, might be a good investment opportunity if it were to break over the 78.6% Fibonacci barrier at $103,393. A price target of $107,123 has been established for Bitcoin based on its recent surge past Fibonacci levels. Bitcoin Exceeds, Will the latest comeback rise in Bitcoin prices sustain a price of $107,000? It helped the market rebound and reach a valuation of $2 trillion.
