Bitcoin has crossed $105,000 following the Federal Open Market Committee's decision to maintain steady rates. This decision has acted as a dovish catalyst for the crypto market, with the total crypto market cap increasing by 2.87% to $3.5 trillion. Institutional support for Bitcoin has also increased, with $92.09 million net inflow into Bitcoin ETFs on January 29. The resurgence of institutional support and improving market conditions have led to growing anticipation of a 2021-style bull market. Bitcoin's price action is showing a strong reversal rally, with the potential for a breakout above the $107,000 resistance level and price targets at $112,000 and $118,666. However, a failure to sustain the rally could result in a retracement to support levels between $103,393 and $100,557.



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