Bitcoin hits record high: $107,699 – $110k next?
Bitcoin hits a new all-time high of $107,699, sparking speculation on whether it can surge to $110K before the end of 2024.
Bitcoin has reached a new all-time high (ATH) of $107,699.00, marking a significant milestone in its ongoing bull run. This surge has driven the total cryptocurrency market cap to $3.73 trillion, further fueling investor excitement. Now, all eyes are on whether Bitcoin can continue this momentum and hit $110,000 before the year ends.
On the 4-hour chart, Bitcoin has broken out of a rising channel pattern, showcasing strong buyer strength. The price movement has hit the target of an inverted head-and-shoulders breakout. However, Bitcoin is facing key resistance at the 50% Fibonacci level ($106,912), which is proving to be a hurdle for further gains.
Technical indicators support the bullish outlook. The MACD and signal lines remain in a positive alignment, signaling growing interest among buyers and maintaining the potential for an upward move.
Institutional investors are playing a critical role in Bitcoin’s rally. U.S. spot Bitcoin ETFs reported daily inflows of $636.85 million, with BlackRock leading the charge at $418.16 million, followed by Fidelity’s $116.06 million. This reflects increasing institutional confidence in Bitcoin’s long-term value.
Adding to the momentum, MicroStrategy purchased $1.5 billion worth of Bitcoin, helping drive the surge to its new ATH. Currently, institutional holdings account for $120.71 billion in Bitcoin, representing 5.76% of its market capitalization.
Looking forward, Bitcoin needs a strong close above $106,912 to solidify the breakout. If successful, the next key target for bulls is $110,730, aligning with the 67.8% Fibonacci level. A break beyond this level could open the door to even higher price points. However, if Bitcoin fails to hold its gains, a pullback to the 38.2% Fibonacci level at $103,093 remains a possibility.
Bitcoin’s new ATH of $107,699.00 has reaffirmed its dominance and bullish momentum. Investors are closely watching key resistance levels and institutional activity to gauge the next move.
Author
Jacob Lazurek
Coinpaprika
In the dynamic world of technology and cryptocurrencies, my career trajectory has been deeply rooted in continuous exploration and effective communication.
