Bitcoin is back in the limelight, breaking through the $97,500 mark amidst rising institutional inflows and positive market signals pointing to a potential move towards $100,000.
Continuation of the Uptrend
Recently, Bitcoin broke its ranges and settled around $97,500. Analysts point out that the market structure remains bullish, and the key level now is $100,000. Over the past two days, open interest has risen by $3 billion, and positive funding rates confirm the active interest in perpetual futures.
Technical Patterns and Expectations
Analysis also indicates the presence of an ascending triangle on the daily chart, which typically precedes upward breakouts 80% of the time. If the price closes above $95,000, it may lead to a movement towards $101,000 or higher. Technical indicators like EMA and MACD are also showing signs of bullish momentum.
Future Prospects
As of now, Bitcoin is trading at $97,583. There is a negative funding rate indicating short positioning. A weak employment report is expected, which could serve as a catalyst for price surge.
Thus, active institutional inflows and positive technical signals create the potential for Bitcoin’s further rise, aiming to break through the $100,000 mark.
