Bitcoin shows a strong rise as the market gives signals of recovery. The BTC declined to $ 97,750 and made a hard turn and reached $ 103,000. Now investors wonder if this rise will continue and whether it will reach $ 107,000.
Bitcoin Technical Analysis: RISE STARTED WITH V-Formation
Bitcoin exhibited a strong recovery after hanging under the 200 EMA line. The 50 %level of the dollar in $ 98,611 provided critical support for the change of the price. At this point, the Morning Star Formation of the Morning Star shows that the market moves in a purchasing direction.
The BTC is currently traded for $ 103.227 and increased over 200, 100, 50 and 20 EMA lines. The first resistance level in front of it is 103,393 dollars, ie fibonacci 78.6 %level. However, the rejection of the price from this region shows that sales pressure is still strong. The RSI indicator indicates that the rise may continue.
Corporate support is weakened for Bitcoin: ETF outputs create concern
Despite Bitcoin’s recovery, the decline in US technology shares affected corporate investors. On January 27, a total of $ 457.48 million output from the Spot Bitcoin ETFs.
Blackrock became the only corporate investor supporting the market by purchasing $ 63.94 million. However, Fidelity sold BTC worth $ 268,59 million. Grayscale’s GBTC fund $ 108.47 million, 88.57 million dollars from Bitwise and $ 50.11 million from the Ark-21shares fund took place. These developments show that short -term uncertainty continues.
Taurus scenario is strengthening in futures transactions
In the last 24 hours, a total of 588.66 million dollars of liquidation in the crypto market took place. Nevertheless, the bull tendency is strengthened in Bitcoin futures.
Open positions reached $ 66 billion. While the Long/Short ratio increased to 0.9681, the funding rates were recovered in V -shaped 0.0085%. These indicators show that investors trust Bitcoin’s rise.
Bitcoin Price Targets: Has a 107,000 dollar journey started?
The fact that Bitcoin exceeds $ 103,393 can signal a strong rise. According to Fibonacci levels, the next target stands out as $ 107,123. However, in a downward scenario, critical supports are at the level of $ 100,000 and $ 98,611. If Bitcoin clings to these levels, the acceleration of the rise can be maintained.
The key question for investors is: Will the bulls really break $ 107,000 this time?
