Key Insights
- Bitcoin has made an impressive comeback over the last week, with a price of more than $103,000.
- This came after an intra-day low of $97,000 and outflows from the ETF market worth $457 million.
- The ongoing comeback has wiped $300 million off the market in terms of liquidations, with the bears suffering the worst of it.
- The current market dynamics show that Bitcoin could be making a comeback and could soon hit the $150,000 mark.
Bitcoin has demonstrated strong bullish presence over the last 24 hours, especially after the market downturn that crashed its price below $100,000.
The cryptocurrency has returned to trading around the $103,000 zone, after crashing to an intra-day low of $97,000 on Monday.
The latest comeback on Bitcoin has reignited bullish sentiment among investors, with many asking:
Is the $150,000 target still on track?
Bitcoin Recovers After Dip Below $100K
The crypto market entered a bloodbath between Sunday and Monday, that was mostly driven b a broader sell off across the tech sector.
This sell off followed the announcement of an advanced AI model by Chinese startup DeepSeek, and caused crashes in stocks like Nvidia, Meta, Tesla and so on.
Bitcoin itself fell below the $100,000 mark and hit an intra-day low of $97,750.
However, this dip was short-lived and by 28 January, Bitcoin had climbed back above the $103,000 zone with a near-5% price increase from its previous low.
The sharpness of this rebound has reignited confidence in Bitcoin’s trajectory, especially as technical patterns point towards further gains.
Liquidations Shoot Sky-High
According to data from Coinglass, the last 24 hours have seen nearly $300 million worth of liquidations.
Interestingly, the bears were more affected than the bulls, losing nearly $160 million within the same timeframe.
Some of the cryptocurrencies that saw the largest bearish liquidations include Bitcoin, Ethereum, XRP and Dogecoin.
This is interesting, considering how on 27 January, the market lost around $90 billion of its capitalization and dropped to $3.41 trillion with Bitcoin suffering a 4.1% crash.
The altcoins faced even steeper declines, with XRP dropping by 7% and Solana falling to 9%.
The ongoing comeback therefore shows the return of bullish influence into the market, especially with Bitcoin’s ongoing trajectory towards the upside.
Bullish Technical Patterns Still Point At $150K Target
According to the charts, Bitcoin is now trading in a short-term ascending channel, that could lead towards a breakout if the bulls continue the momentum.
The RSI on the daily chart shows that Bitcoin avoided a drop below the neutral zone and is looking towards a bullish crossover with the MACD, despite the bearish one from last week.
Based on the charts, Bitcoin should be looking towards a breakout from this channel somewhere around $110,000, before breaking above $125,000 and therefore hitting a top somewhere around $146,700—near the psychological milestone of $150,000.
Investors should note, though, that if the bears overpower the bulls for some reason again, Bitcoin will likely crash below $100,000 one more time.
A Path to $150K?
Bitcoin’s ability to rebound from Monday’s dip shows that the bulls are indeed present, and that the institutional investors are still considerably interested.
This is considering nearly $3 billion in investments that the Bitcoin ETF market had raked up between 21 and 24 January, before Monday’s outflows of $457 million according to data from Farside Investors.
The bullish patterns in its daily chart also show that the $150,000 target is still on track, and could be closer than ever.
However, market players should keep an eye out for rapid changes to the market.
The volatility from Monday’s crash caught many traders by surprise, leading to a cascade of liquidations that wiped upwards of $800 million off the market.
For now, Bitcoin’s recovery above the $100,000 zone and the continuous accumulation from institutional players show that the cryptocurrency has some strong backing.
