Bitcoin continues to show growth, trading at $109,500. This article examines the reasons behind the rise and market outlook.
Current Bitcoin Price and Wallet Activity
As of now, Bitcoin is trading at $109,500, reflecting a 4% increase this week and a 2% rise intraday. Last Friday, 8,000 BTC were moved from two dormant wallets that had been inactive for over six years. Glassnode data shows that on the same day, over 80,000 BTC that had remained untouched for more than five years were transferred, sparking speculation about a potential market dump as Bitcoin hovers near its all-time highs.
Technical Indicators and Predictions
Analysis of current technical indicators shows Bitcoin has broken out of a flag pattern and is now consolidating near its upper boundary. Experts predict that if the price clears recent highs, a rise to $120,000 looks likely in the near term. The MACD has already shown a golden cross, while indicators such as Chaikin Money Flow and RSI confirm increasing bullish momentum in the market.
Economic Factors Impacting the Market
The US Dollar Index has reached its lowest level in 21 years compared to its 200-day moving average. Weakness in the DXY is typically seen as bullish for risk assets such as Bitcoin. Given these factors, some analysts are predicting a climb for Bitcoin up to $140,000.
In conclusion, the current price of Bitcoin and the activity of large wallets are generating interest among analysts and investors. Expectations for further growth remain, with technical indicators supporting a bullish trend in the market.
