Bitcoin reached a new all-time high of $97,628, highlighting the ongoing bullish trend amid rising institutional interest and supportive US government policies.
Bitcoin's New Record
Bitcoin (BTC) surged to a new high of $97,628, with a current trading value of $97,360, marking a 5.60% increase in the past 24 hours. The global crypto market cap rose by 2.77% to $3.15 trillion, driven by a pro-crypto US government and institutional demand. Trading volumes increased by 6.74% to $80.61 billion, with Bitcoin's dominance rising 1.20% to 60.64%. Bitcoin's market cap now stands at $1.91 trillion, with a 4.69% gain.
Impact of Institutional Investments
The launch of spot Bitcoin ETFs by BlackRock on Nasdaq fueled market enthusiasm. BlackRock's Bitcoin options ETF contributed to a record $1.9 billion trading volume, showcasing surging institutional interest. Whale activities also indicated strong accumulation, with one whale amassing 3,289 BTC worth $302 million over the past two days.
Technical Analysis and Predictions
Bitcoin's technical indicators point to sustained bullish momentum. The Relative Strength Index (RSI) is at 70.66, signaling overbought conditions but reflecting strong buying pressure. The RSI average of 61.29 supports this upward trend, highlighting consistent market confidence. The Chaikin Money Flow (CMF) is at 0.312, indicating significant capital inflow into Bitcoin, suggesting that buyers are driving the price higher. BRN analyst Valentin Fournier predicts BTC will surpass $100,000 by year-end, driven by institutional inflows and technical strength.
Bitcoin continues its upward trajectory, backed by institutional investments and positive technical indicators, affirming its aim to reach the $100,000 mark in the near future.
