Bitcoin May Reach Well Over $110,000 If The Bullish Phase Continues

The price of Bitcoin has increased substantially and surged above the $106,000 zone. It is now rising and will increase toward $110,000. Bitcoin trades above $105,500 if one uses the simple moving average. A short-term bullish trend line may push Bitcoin towards the $105,800 mark on the hourly chart of the BTC/USD pair.

Fresh Surge of Bitcoin

The price of Bitcoin is set to touch an all-time high. The market dynamics are largely favorable and do not have any speculative excess. One can check that by using cryptocurrency exchanges. Bitcoin’s rise may halt at the $107,000 mark. According to CoinMarketCap, Bitcoin was trading at $106,273.30, which is 3.18 percent higher. As per Riya Sehgal, the current highlights reveal a robust upward trend. The trend may continue owing to solid technical fundamentals. The break above key support levels and resistance zone targeting indicates a strong potential for a new all-time high driven by healthier market dynamics. This is not a result of speculative excess.

Bitcoin ETFs are also witnessing significant inflows that total over $600 million. However, BlackRock’s IBIT is influencing some outflows for some funds. The CEO of Giottus Crypto Platform believes that Bitcoin is already showing early signs of a surge that may surpass $106,800. Bitcoin may not cross the $107,000 mark and remain around $104,000-105,000 to break through this level. The spot ETFs’ inflows may continue to increase and cross the $360 million mark. 

Bitcoin Prices May Drop?

Currently, if Bitcoin fails to cross the $107,000 resistance zone, then it can lead to another correction. There can be immediate support at the $105,800 level. There is no doubt right now that it will hover around $105,000 level. If the downward trend begins, then the prices may reach $103,500. However, the support right now sits at $102,500 below which Bitcoin may gain bearish momentum.

Conclusion

There are no two views on the fact that Bitcoin is gaining tremendously, and it is indeed hard to foresee when this surge will stop. Bitcoin’s surging above $110,000 is good news for investors and new users alike. It signals a dramatic change in the perception of cryptocurrency. The changes reveal that investors are much more confident about the prospects of the industry than ever before. The US government is also largely responsible for changing this perception. Although the prices of Bitcoin will remain volatile, it is a fact that Bitcoin surging above $110,000 is a windfall for the crypto community.