Is the $102,557 goal within reach?

Will Bitcoin price maintain high bullish momentum to bounce back to $102,557 in the next 24 hours?

With Bitcoin back in action, the total market cap of cryptocurrencies has risen to $3.45 trillion. recovery in Bitcoin It aims to rise above $100,000, supported by institutional derivatives that support the narrative.

Bitcoin price analysis

With an impressive 5.10% rebound over the past week, Bitcoin price rose from $93,564 to a closing price of $98,327. Despite the slowdown over the weekend, the bullish recovery continues with an intraday gain of 1.41%, crossing the $99,000 mark.

Currently, the Bitcoin market price is at $99,658, with a possible breakout to the $100,000 level. Critical resistance at $99,500 was a major upper supply level. Therefore, a four-hour close above this level would constitute a buy signal.

Meanwhile, a rise in buying pressure led to a positive crossover between the 50 and 200 EMA, followed by a crossover between the 50 and 100 EMA. With multiple upward crossovers, the moving averages regain positive alignment.

Moreover, the RSI line on the 4-hour frame has also entered the overbought zone, reflecting a potential trend reversal.

ETF trends point to a positive week

Over the past week, institutional support has been volatile, with Bitcoin ETFs on the rise an experience Large flows on most days of the week. However, a strong inflow of $908.1 million on Friday led to a positive week.

Friday’s blockbuster purchase was led by Fidelity’s FBTC with $356.95 million, followed by BlackRock with $253.1 million, and ARK and 21Shares with $222.6 million. The weekly net flow reached $244.99 million.

With approximately $245 million in inflows over the past week, bullish support for Bitcoin from institutions is likely to push the upside further.

Bitcoin OI reaches $57 billion

Amid growing institutional support, Bitcoin’s open interest rebounded 2.69% to $57.81 billion.

Moreover, the buy-to-sell ratio over the past 24 hours has turned to the upside, crossing the ratio threshold of 1.

In addition, the financing rate increased to 0.0103%. Traders are willing to pay a premium price to hold long positions, indicating a strong bullish sentiment.

BTC price targets

Given the support from institutions and the derivatives market, Bitcoin price action analysis indicates a strong possibility of a breakout of $100,000. This uptrend could push Bitcoin to the next general supply zone at $102,557 over the next 24 hours, assuming the situation does not change.

On the other hand, a minor retest at $99,000 is possible, which could delay the target price to 48 hours.