The post Is $102,557 Target Within Reach? appeared on BitcoinEthereumNews.com.

Will the price of Bitcoin sustain the surge in bullish momentum to bounce back to $102,557 in the next 24 hours? As Bitcoin springs back into action, the total crypto market cap has surged to $3.45 trillion. The recovery in Bitcoin is aimed at a bull run above $100,000, supported by institutional and derivatives backing the narrative. Bitcoin Price Analysis With an impressive recovery of 5.10% over the past week, Bitcoin’s price surged from $93,564 to a closing price of $98,327. Despite a slowdown over the weekend, the bullish recovery continues with an intraday gain of 1.41%, breaking the $99,000 barrier. Bitcoin Price Chart Currently, the BTC market price stands at $99,658, with a potential breakout rally to the $100K level. The crucial resistance at $99,500 has been a significant overhead supply level. Therefore, a four-hour closing above this level will mark a BUY signal. Meanwhile, the surge in buying pressure has resulted in a positive crossover between the 50 and 200 EMA, followed by a crossover between the 50 and 100 EMA. With multiple bullish crossovers, the moving averages are regaining positive alignment. Furthermore, the 4-hour RSI line has also entered the overbought zone, reflecting a potential trend reversal. ETF Trends Hint at a Positive Week Over the past week, institutional support has been volatile, with Bitcoin spot ETFs experiencing significant outflows for most of the week. However, a strong inflow of $908.1 million on Friday resulted in a positive week. Bitcoin ETFs The massive purchase on Friday 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 inflow totaled $244.99 million. With nearly $245 million worth of inflows over the past week, the bullish support for Bitcoin from institutions will likely drive the uptrend…

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Filed under: News - @ January 6, 2025 4:20 pm