Why is Bitcoin Price Up Today? Bulls Break $92k, Eye $100k Next
Bitcoin is nearing an important Fibonacci level on its price chart, with experts predicting an imminent breakout. Analyst Josh of Crypto World suggests Bitcoin could soon hit resistance at the 1618 Fibonacci extension level, which is between $94,000 and $95,000.
Spot Bitcoin ETFs Seeing Inflows
On the heels of this announcement, the market saw a positive shift, with Bitcoin ETFs experiencing a net inflow of over $400 million. This is a reversal from the previous outflows and could signal a continued upward trend for Bitcoin as more institutional money flows into the market.
Short Squeeze and Bullish Momentum
MicroStrategy, led by Michael Saylor, just made its largest Bitcoin purchase to date, acquiring nearly 52,000 Bitcoin worth over $4.6 billion. Saylor also revealed plans to raise nearly $2 billion more to continue purchasing Bitcoin, which could further drive up the price of the cryptocurrency.
With MicroStrategy’s ongoing purchases and continued ETF inflows, Bitcoin’s price could soon see a short squeeze, particularly if it breaks through key resistance levels. The analyst has observed strong bullish momentum on the weekly and 4-day charts, suggesting the bull market may continue into 2025.
Price Targets: $94K, $102K, and Beyond
Bitcoin’s immediate target is around $94,000 to $95,000. If this level is surpassed, the next target is $102,000, followed by $113,000. These levels align with Fibonacci extensions on the weekly and 3-day charts, further supporting the bullish outlook.
Breaking Key Resistance Levels
Bitcoin is currently breaking out of a symmetrical triangle pattern, hinting at a potential upward movement. If Bitcoin breaks resistance around $92K-$93K, a short squeeze could push prices toward the $97K mark, presenting short-term trading opportunities.
