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Highlights
- BTC crosses $105K – Bitcoin’s price surge after the Fed's rate decision sparks bullish momentum.
- Institutional support returns – Bitcoin sees significant inflows, with $92M entering U.S. spot Bitcoin ETFs.
- Key resistance at $107K – BTC aims for $112K, with critical price levels on the horizon.
Bitcoin (BTC) has surged past $105,000 following the Federal Open Market Committee’s (FOMC) decision to maintain interest rates between 4.25% and 4.5%. This dovish stance has acted as a catalyst for the broader crypto market, contributing to a 2.87% increase in the total market capitalization, reaching $3.5 trillion. As Bitcoin pushes toward new highs, attention shifts to whether this move will continue, potentially targeting the next significant resistance levels.
Institutional support for Bitcoin has been notably strong, with daily net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) reaching $92.09 million on January 29. This influx of institutional capital signals confidence in Bitcoin’s future, and the steady market environment, bolstered by the Fed’s decision, has reignited interest in the cryptocurrency. Alongside this, Bitcoin’s open interest has risen by 4.43%, now sitting at $66.18 billion, further indicating increased market activity and speculation.
Bitcoin’s price action on the 4-hour chart shows a robust reversal rally from the 50% Fibonacci level at $98,611. Following this, the uptrend crossed the $105,000 mark, with the cryptocurrency currently trading at $105,427. The positive crossover between the 20 and 50 Exponential Moving Averages (EMAs) suggests a shift toward bullish sentiment. As Bitcoin approaches the $107,000 resistance level, the next targets for BTC are set at $112,000 and $118,666, based on the 1.272 and 1.618 Fibonacci extensions. However, if the rally falters, Bitcoin could retrace to support levels between $103,393 and $100,557, marking a potential test of its strength.
As Bitcoin navigates through this critical period, the market’s attention remains fixed on its ability to break through key resistance levels and maintain momentum in the face of rising institutional interest. If the bullish trend holds, Bitcoin could very well be on track to achieve its next major milestones.
