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.