Bitcoin Price Recovery

With a sudden recovery overnight, Bitcoin is back above the $97,000 mark. Marking an intraday recovery of 0.6%, the BTC price trades at a market value of $97,226.

Despite the short-term recovery hinting at a potential bounce back, institutional supports linger for Bitcoin. Will the BTC price manage to hit the $100,000 mark? Let’s find out.

Bitcoin Price Action and Technical Analysis

In the daily chart, the BTC price trend showcases a bullish reversal from the local support trend line. This completes a bullish reversal with the morning star pattern.

Bitcoin price chart

Completing the morning star pattern, Bitcoin formed a 1.08% bullish engulfing candle to reach the 38.20% Fibonacci level, priced at $96,612.

The intraday recovery of 0.58% has driven the BTC price higher to $97,000, completing a breakout above the 38.20% Fibonacci level. Currently, the recovery run in Bitcoin aims to reach the 50% Fibonacci level at $98,490.

With two consecutive bullish candles, momentum is clearly increasing. Additionally, the daily RSI line is nearing the halfway level, reflecting a surge in momentum.

BTC Price Targets

As Bitcoin rises back from the local support trendline, it now challenges the 20-day EMA at $97,543. The recent crossover between the 20-day and 50-day EMA lines reflects a short-term reversal in Bitcoin.

However, a bullish continuation above the 50-day EMA at $97,817 will reinstate the bullish alignment. According to Fibonacci levels, a breakout above the 50% Fibonacci level will likely increase the chances of Bitcoin reclaiming the $100,000 mark.

On the flip side, crucial support levels for Bitcoin remain at the local support trend line near the $96,000 mark and the $94,377 horizontal level.

ETF Outflows Spark Concerns Amid BTC Recovery

Despite Bitcoin price action reflecting a potential turnaround, US spot Bitcoin ETFs registered a net outflow on February 19. Out of the 12 Bitcoin ETFs in the US market, 4 registered a net outflow, while the rest maintained a net-zero flow.

The biggest seller was Fidelity, with an outflow of $48.69 million. Valkyrie, Ark, and 21 Shares, along with VanEck, contributed to a net outflow of $71.07 million. Despite the short-term offloading phase in the ETF market, the US spot Bitcoin ETFs hold $112.59 million worth of Bitcoin, accounting for 5.90% of the Bitcoin market cap.