Is $111,570 the next target?

Bitcoin surpassed $102,000, as institutional ETF inflows fueled the price rally. Will $111,570 be the next target?

With the bullish recovery in the cryptocurrency market, Bitcoin It crossed the $100,000 mark for the second time in 2025. After reaching a 24-hour peak of $102,088, the uptrend gradually gained momentum.

In the midst of the recovery, increasing institutional support and growing bullish speculation represent significant upside potential. Will a breakout at $102,557 lead to a new all-time high as the cryptocurrency landscape turns bullish?

Bitcoin price analysis

On the 4-hour chart, BTC price action shows a continuation of the uptrend after a minor retest of the 20-day moving average. This resulted in a 24-hour low of $97,319.

However, with the Morning Star pattern, a bullish recovery took the price to $101,446. Additionally, the recovery has begun with the RSI divergence rising around the $90,000 mark and is now completing a round bottom pattern.

The neckline of the rounded bottom pattern is located at the $102,557 supply zone. With the ongoing recovery, the golden cross between the 50- and 200-day EMAs, as well as the positive cross between the 100- and 200-day EMAs, have regained positive alignment.

Moreover, the 4-hour RSI is now approaching the borders of the overbought zone, indicating a high probability of a breakout upside according to technical indicators.

Bitcoin ETFs Take $626 Million

Bullish sentiment is building in the cryptocurrency market ahead of Donald Trump’s inauguration on January 19. Inflows US-based Bitcoin ETFs continue to rise, with $626.15 million recorded on January 16.

The rally was largely driven by the return of BlackRock, which embarked on a buying spree. BlackRock bought $527.87 million worth of Bitcoin, followed by ARK 21Shares, which collected inflows of $155.44 million.

Additionally, VanEck, Fidelity, and Bitwise collectively purchased $13 million worth of Bitcoin. While the remaining ETFs saw no net outflows, Grayscale’s Bitcoin Trust sold $69.97 million worth of Bitcoin.

The overall positive trend in Bitcoin ETFs indicates a positive outlook in the coming days.

Bitcoin open interest reaches $65 billion

With increasing inflows and rising Bitcoin prices, speculation in the derivatives market has become very positive.

With an increase of 1.57% Bitcoin Open interest, at $65.10 billion, and a buy-to-sell ratio of 1.0173 reflect more open bullish positions.

Moreover, the funding rate remained at 0.0077%, reflecting confidence among traders in holding bullish positions.

BTC price targets

Based on BTC price action, a round bottom reversal indicates a buying opportunity for a major uptrend. Therefore, a break above $102,557 is likely to test the immediate resistance at $106,888. Additionally, Fibonacci levels indicate an upside target at $111,570.