Bitcoin Price Analysis: BTC Poised to Reclaim $100K as Open Interest Shoots to $57 Billion

As Bitcoin price recovers from a bearish weekend, the bulls are eyeing a breakout above the $100,000 level. Here's an analysis of the price action, institutional trends, and derivatives metrics to assess the possibility of a rally to $102,557 within 24 hours.

Institutions Opt for Bitcoin as ETF Trends Reveal a Positive Week

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Institutions appeared to favor Bitcoin (BTC) over the past week as spot ETFs experienced outflows for most of the days. However, a strong inflow of $908.1 million on Friday ensured a positive week.

The massive purchase on Friday was led by Fidelity's FBTC with $356.95 million, followed by BlackRock with $253.1 million, and ARK and 21Shares with $222.6 million. The total net inflow for the week stood at $244.99 million.

With nearly $245 million in inflows over the past week, the bullish support for Bitcoin from institutions is expected to drive the uptrend further.

Bitcoin Open Interest Bounces Back to $57 Billion as Bulls Take Over

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Continuing our analysis, we observed a 2.69% increase in Bitcoin's open interest, reaching $57.81 billion. This indicates a rise in outstanding derivative contracts.

Moreover, the long-to-short ratio over the past 24 hours turned bullish, surpassing the ratio threshold of 1. This suggests that traders holding long positions outnumber those holding short positions.

When the long-to-short ratio is above 1, it usually signifies bullish sentiment, while a ratio below 1 indicates a bearish trend. A ratio close to 1 suggests a neutral market.

Furthermore, the funding rate has risen to 0.0103%. When traders are willing to pay a premium price to hold long positions, it reflects strong bullish sentiment.

Could BTC Price Hit $102,557 in 24 Hours? Here's What the Analysis Shows

烹飪食譜

Now, let's consider the possibility of a price movement to $102,557 within 24 hours. Based on the support from institutions and the derivatives market, there is a strong potential for a BTC price breakout to $100,000.

This bullish trend could push Bitcoin to the next overhead supply zone at $102,557 within the next 24 hours, assuming the situation remains unchanged.

On the other hand, a minor retest of $99,000 is possible, which could delay the target price to 48 hours.