With Bitcoin struggling to sustain above the $100k mark, will the surge in ETFs inflow pump BTC price to $103k?
As the crypto market desperately needs a bullish recovery, Bitcoin aims to reclaim the $100,000 mark for the seventh time in the past few months. Currently, BTC trades at a market price of $97,850, with a pullback of 4.24% over the past seven days.
As Bitcoin struggles to overcome the sudden rise in bearishness, there is a gradual improvement in institutional support, fueling hopes of a new rally in the crypto market.
Bitcoin Price Analysis Signals Recovery Ahead
In the daily chart, BTC’s price showcases a sideways trend between the $90,775 and $108,000 supply zones.
Following the recent crash, BTC bounced back from the 23.6% Fibonacci level near the $94,000 mark. However, the recovery failed to maintain momentum and is now facing lower price rejections near the 38.2% Fibonacci level at $96,000, hovering around the $97,000 level.
Currently trading just below the 50% Fibonacci level at $98,611, the rising money flow hints at a potential recovery. According to the Chaikin Money Flow (CMF) indicator, inflows have significantly improved to 0.11 after dipping into negative territory.
With positive money inflows, Bitcoin’s price will likely recover in the coming days.
Bitcoin ETFs Record $340M Inflow After Market Crash
While price analysis hints at a potential recovery, US-spot Bitcoin ETFs are back on the bullish track. The daily total net inflow on February 4 hit $340.82 million, with none of the ETFs recording an outflow.
BlackRock was the biggest buyer for the day, with an inflow of $249.04 million. ARK and 21Shares came in second place, with an inflow of $56.12 million. Meanwhile, Grayscale acquired $19.54 million worth of BTC, and Bitwise acquired $16.11 million. Other ETFs recorded zero flows.
With the resurgence in institutional buying, Bitcoin price will likely gain momentum.
Bullish Positions Rise in Bitcoin Derivatives
As per CoinGlass data, the Bitcoin Long-to-Short Ratio Chart has significantly recovered over the past 24 hours. Yesterday, the ratio remained at 0.9643 and has now recovered to 0.9889 compared to the 0.90 peak on February 1.
The improvement in the derivative market sentiment indicates increased bullish speculation
BTC Price Targets
With rising speculation and growing support for Bitcoin ETFs, the Fibonacci levels suggest upcoming price targets at the 78.6% Fibonacci level and the supply zone near the 100% Fibonacci level.
The key resistance levels are at $103,393 and $107,123. On the downside, the crucial support level for Bitcoin remains at $94,393.
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