Bitcoin (BTC) has recently seen a resurgence in its price, surpassing the $98,000 mark and inching closer to the $2 trillion market cap valuation. This price increase of 4.56% has signaled a bullish recovery for the cryptocurrency, leading to positive movement in the market. As Bitcoin rallies, altcoins are also experiencing rebounds, resulting in liquidations from shorts amounting to $149.46 million. The total liquidation, including long-side liquidations, has reached $252.67 million.
The question on everyone’s mind now is whether Bitcoin will be able to reclaim the $100,000 level before the end of 2025. With the recent bullish momentum and positive market indicators, it’s possible that Bitcoin could break through this significant barrier in the near future. In the 4-hour chart, BTC’s price action has shown a double-bottom reversal from the $93,000 support level, with a morning star pattern on the daily chart propelling it past $97,000. The current focus is on testing the neckline at $99,000, with the 20 and 200 EMA lines showing a positive crossover.
The price action is also ranging between the 50 and 100 EMAs in the 4-hour chart, with the RSI line crossing above the halfway point, indicating increased buying pressure. These technical indicators are gradually turning bullish, raising the possibility of a breakout rally for Bitcoin. However, institutional support for Bitcoin, as reflected in U.S. spot Bitcoin ETFs, has remained negative with a daily net outflow of $338.38 million on December 24. BlackRock and Fidelity were among the entities recording significant outflows, leading to a drop in total net assets to $110 billion.
In terms of potential price targets, a breakout above the $99,000 neckline could see Bitcoin reaching $102,557, while a failure in bullish momentum might result in a retest of the 200-day EMA line at $96,293. As the cryptocurrency market continues to show signs of recovery and bullish activity, the $100,000 level remains a key milestone for Bitcoin. With favorable technical indicators and potential institutional support in the future, there is a possibility that Bitcoin could surpass this significant price level before the end of 2025. Investors and traders are closely monitoring the market developments to capitalize on potential opportunities presented by the cryptocurrency’s price movements.
