Bitcoin (BTC) is edging closer to the $100,000 milestone, with a 1.42% price increase over the past 24 hours pushing it past $96,000. January 2025 has ushered in a bullish market sentiment, but questions remain about whether Bitcoin can sustain its upward momentum.
While the price recovery is promising, institutional support has been mixed. BlackRock’s IBIT ETF experienced its largest-ever outflow, raising doubts about broader market confidence.
Bitcoin Price Analysis
The 4-hour BTC chart shows a bullish breakout above a key resistance trend line. Following a retest, Bitcoin rebounded above $96,000, marking three consecutive positive days.
- Price Movement: BTC climbed from $92,637 to $96,900, a 4.61% increase, before pulling back slightly to $96,804.
- EMA Signals: The rally triggered a bullish crossover between the 20 and 50 EMA lines, signaling a potential golden crossover.
- Momentum: RSI remains just below the overbought zone, reflecting strong bullish sentiment.
These indicators suggest Bitcoin could maintain its recovery and test higher resistance levels.
Institutional Support: A Mixed Picture
While Bitcoin ETFs saw positive inflows in some cases, BlackRock’s IBIT ETF recorded a massive $332.62 million outflow, leading to a daily net outflow of $242.30 million. This marked BlackRock’s largest outflow to date, raising questions about sustained institutional backing despite broader market optimism.
Key BTC Price Targets
Bitcoin’s recovery above the 100 EMA line positions it to test the next resistance level at $99,514. If successful, BTC could hit the $100,000 milestone by the end of January 2025.
However, a decline below the 100 EMA line could shift market dynamics. This would likely result in a retest of the 50 EMA line at $95,304, potentially slowing the rally.
