Bitcoin has surged to $92k and is approaching a potential breakout rally, raising anticipation of a new all-time high. Will this rally surpass the critical $106k supply zone?
Bitcoin continues its recovery rally with a 6% surge in the past 24 hours, driving the overall crypto market. This recovery has pushed the total crypto market cap back to $3 trillion.
Currently, Bitcoin trades at a price of $92,358, with a market cap of $1.831 trillion. Will this short-term recovery drive Bitcoin to the $100k mark? Let’s find out.
Bitcoin Teases Triangle Breakout Rally
In the daily chart, the BTC price action makes its third consecutive bullish candle after the 8% crash on March 3. This marks a sharp lower price rejection rally in Bitcoin from a support trendline.
Bitcoin Price Chart
Furthermore, the completion of a Morning Star pattern at the 200-day EMA line increases the possibility of a breakout above the resistance trendline. Bitcoin’s price has also breached the 78.60% Fibonacci level at $91,780.
With Bitcoin’s sudden recovery amid increased market volatility, the Chaikin Money Flow Index has maintained a positive stance since last weekend. Additionally, the Directional Movement Index suggests a potential crossover in the VI lines.
This positive crossover could signal the start of an uptrend for Bitcoin, with a potential triangle breakout rally on the horizon.
BlackRock’s IBIT Marks First Inflow in Eight Days
Despite the massive recovery in Bitcoin prices, institutional support remains weak. On March 5, the daily net outflow for U.S.-spot Bitcoin ETFs stood at $22.10 million.
Surprisingly, BlackRock saw an inflow of $38.93 million, marking its first inflow after seven consecutive days of outflows.
Bitcoins ETFs
Invesco and Bitwise recorded outflows, while the other ETFs maintained a net-zero flow. Invesco had the largest outflow, with $9.9 million worth of Bitcoin, followed by Bitwise at $6.9 million.
World Liberty Financial Now Holds $23.61M in Wrapped Bitcoin
With the positive rally in Bitcoin prices, Donald Trump’s World Liberty Financial has made a significant purchase in the crypto market. Within the past 12 hours, WLFI has purchased $21.5 million worth of crypto.
The firm acquired 4,468.39 ETH for $10 million at $2,238 each. Additionally, WLFI purchased 110.6 WBTC for $10 million at $90,415. Their final purchase included a MOVE token for $1.5 million at a market price of $0.438.
According to SpotOnChain, WBTC is now holding 23.53K ETH worth $54.36 million. The second-largest holding is WBTC, worth $23.61 million. The firm also holds liquidity in the form of USDT worth $12.91 million.
In the past 2 hours, #Trump’s World Liberty Finance (@worldlibertyfi) spent $21.5M $USDC to buy:
– 4,468.39 $ETH for $10M at $2,238
– 110.6 $WBTC for $10M at $90,415
– 3,420,039 $MOVE for $1.5M at $0.438Address: 0xa713fc94db054aa435af4d9c66c3433dca98559f
Data @nansen_ai pic.twitter.com/OYGMJ63NQj
— Onchain Lens (@OnchainLens) March 5, 2025
Will Bitcoin Price Hit New All-Time High?
With Bitcoin’s three-day bullish streak, the chances of a breakout rally are growing significantly. Based on the Fibonacci levels, the triangle breakout rally is likely to challenge the $106,000 supply zone, which acted as the ceiling during previous consolidation.
Beyond that, the Fibonacci levels suggest an optimistic target of $127,800 as the next potential all-time high. On the flip side, the crucial support for Bitcoin remains the support trendline near $84,000.