Bitcoin hits record high: $107,699 – $110k next?

Jacob Lazurek Coinpaprika

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.

XRP stuck in tight range as whale demand, on-chain activity strengthen

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Bitcoin rises toward $64,000 as Coldcard exploit, strategy sales recede – ADA advances

Bitcoin rose 1.6% over the last 24 hours, climbing as high as $64,160 to the highest since July 31 before retreating. The rebound followed a selloff spurred by an exploit that targeted a cold wallet over the weekend and bitcoin sales by the world’s largest corporate holder.

Crypto Today: Bitcoin, Ethereum, XRP shows recovery signs as Ethereum and XRP struggle

Bitcoin (BTC) advances above $63,000 on Tuesday, buoyed by increasing investor risk appetite. Ethereum (ETH) continues to trade under pressure below the supply range at $1,900 and above the short-term $1,800 support. At the same time, Ripple’s (XRP) upside is constrained under the pivotal $1.10 level while support at $1.00 remains intact.

US Yen intervention puts Bitcoin, risk assets on notice for liquidity flux

Washington’s growing coordination with the Bank of Japan (BoJ) points to a potential boost in global dollar liquidity — even as it runs up against a yen carry trade unwind that could squeeze liquidity if it deepens further. Last week, the US and Japan conducted a rare joint intervention to prop up the yen, which had slid to 40-year lows of 164 per dollar — the first of its kind since 1998.

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.