Is Bitcoin's Correction Over? Analysts Pointed to This Price Level! Here Are the Details.
Bitcoin's bullish momentum is gaining momentum as investors eye a return to $109,000 as Donald Trump takes office and expectations of a resurgence in spot Bitcoin exchange- traded funds (ETFs) grow.
Bitcoin Investors Target $109K as Trump Inauguration Sparks Optimism, ETFs See Record Inflows.
The cryptocurrency has surged 10% in the past week, climbing above $102,000 on Monday and recouping almost all of its losses from the December crash.
Bitcoin had fallen from a peak of $109,000 on Dec. 17 to a low of $92,000 on Dec. 30, temporarily raising concerns of a deeper correction.
According to SoSoValue data, $987 million inflows into U.S.-listed spot Bitcoin ETFs on Monday marked the highest daily total since Nov. 21.
Fidelity's FBTC led the way with $370 million, followed by BlackRock's IBIT ($209 million) and Ark Invest's ARKB ($71 million). Nine out of twelve Bitcoin ETFs saw inflows and none saw outflows, signaling renewed investor confidence.
Investors are bullish on potential crypto-friendly policies under Trump that are expected to boost Bitcoin and other digital assets. That optimism coincides with a broader recovery in financial markets as investors return from vacation.
"We are seeing a resurgence of Bitcoin demand after the lackluster Fed outlook dampened a potential Santa Claus rally," said BTSE COO Jeff Mei. "With investors returning to their desks, Bitcoin and crypto assets are showing bullish trends heading into Trump's inauguration."
Technical Analysis: Is the Correction Complete?
Some analysts suggest that Bitcoin's recent price action is in line with a completed correction, paving the way for further gains.
"Bitcoin's recovery from the 61.8% Fibonacci retracement level suggests the correction is over," said Alex Kuptsikevich, chief market analyst at FxPro. "If the all-time high of $109,000 is breached, we could see growth accelerate."
