Bitcoin (BTC) has reclaimed the $100,000 mark, hitting a 24-hour high of $101,961. This 2.85% recovery has sparked optimism, pushing Bitcoin’s market cap closer to $2 trillion. However, a short-term pullback raises questions. Will BTC’s rally extend past $103K, or will it face a bearish reversal?
Bitcoin Price Analysis
After rebounding from a long-standing support trendline, BTC broke through a local resistance level, signaling a triangle breakout rally. While Bitcoin touched $101,961, it has slightly pulled back, dropping 0.48% in the past four hours.
Technical indicators remain bullish. The simple moving averages on the 4-hour chart align positively, supporting upward momentum. Additionally, the MACD and signal lines have entered positive territory, with growing bullish histograms, indicating strong buying pressure.
Institutional Demand Boosts Bitcoin ETFs
Institutional interest in Bitcoin remains robust, reflected in the growing inflows into U.S. Bitcoin spot ETFs. On December 11, daily net inflows reached a record $223.03 million.
Fidelity’s FBTC ETF led the surge with $121.90 million in inflows, followed by ARK’s ARKB at $52.67 million. Interestingly, BlackRock’s inflows paused at zero. Overall, U.S. Bitcoin spot ETFs now hold $113.72 billion in total net assets, representing 5.67% of Bitcoin’s market cap.
Will Bitcoin Break $103K?
Currently trading at $100,614, BTC is retesting its broken trendline. The rally has yet to reach the 38.2% Fibonacci level at $103,102.
If BTC bounces back from this retest, the next target is $106,921 at the 50% Fibonacci level. However, if Bitcoin falls below the trendline, it could test the simple moving average at $98,974.