Bitcoin $100k Next: Bulls are back in BTC!

Bitcoin, the leading cryptocurrency by market capitalization, continues to trade near its all-time highs. Here’s an in-depth analysis covering BTC’s latest price, indicators, and news.

BTC is now positioned to potentially break its all-time highs if current market conditions persist, boosted by increasing institutional interest in BTC-focused ETFs and a favorable macroeconomic outlook.

Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. Once price breaks above resistance, it can advance higher to the next resistance level.

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Bitcoin Next Target

• Current Price: $71,949.28
• Market Cap: $1.42 trillion
• 24h Trading Volume: $53.7 billion
• Circulating Supply: 19.76 million BTC
• Total Supply: 21 million BTC

Img src- Altfins

Trends have reversed to Uptrend again after price price broke above $60K resistance and out of Symmetrical Triangle pattern, and it successfully retested that breakout level. It also broke through the $64.4K key level and 200-day moving average, and has reached $72K-$74K resistance zone.

Now we look for the right entry opportunity in Uptrend. We wait for price to either

1) break above $74K to signal continuation of uptrend, or

2) pull back near $64K support area for a swing trade entry in Uptrend with +15% upside back to $72K-$74K. Stop Loss at $58K. 

Weekly Price Analysis

The momentum has been attributed to renewed interest from institutional investors, ETF inflows, and increasing confidence from the cryptocurrency community, all indicating potential for further gains.

Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.

Momentum: Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00.

Key Indicators

• Moving Average (MA): Bitcoin’s 200-day moving average is now in a steady uptrend, which is a bullish signal.
• Relative Strength Index (RSI): Bitcoin’s RSI has risen to 70, entering overbought territory, which could indicate a short-term correction or a period of consolidation.
• MACD: The MACD indicator remains in positive territory, signaling continued bullish sentiment.

News Roundup

1. ETF Inflows Surge: Bitcoin ETFs have seen consistent inflows, with U.S. ETFs contributing a net $22 billion in just nine months..
2. Institutional Interest: High-profile investment firms, such as BlackRock, have also recently gained approval to offer options trading for Bitcoin ETFs.
3. Macro Factors: Speculation around Federal Reserve policy changes has created a “risk-on” environment, which typically benefits BTC as investors look for higher-yielding assets.

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