Bitcoin price reached $107K, increasing by 2% in the last 24 hours despite mixed market sentiment.
Current Bitcoin Price and Market Sentiment
After trading below the $105K mark for several days, Bitcoin price has surged by 2% and now stands at around $107K. The market cap has increased by 1.9% over the last 24 hours, with a 20% rise in trading volume. The fear and greed index at 51 indicates a neutral sentiment in the crypto market.
Factors Contributing to Bitcoin's Growth
Market analyst Rachael Lucas noted the impact of geopolitical tensions between Iran and Israel on the market. The crypto market showed a downturn due to the ongoing conflict. However, inflows into crypto ETFs have boosted Bitcoin's price. According to the latest CoinShares report, weekly inflows into crypto assets surpassed $1.9 billion, with Bitcoin products accounting for $1.3 billion.
Technical Analysis and Predictions
Currently, technical analysis indicates volatility in the Bitcoin market. The MACD histogram suggests a potential bullish rally, which historically follows green readings. The upcoming FOMC interest rate decision may also significantly impact Bitcoin's price in the coming days.
Despite the neutral market sentiment, Bitcoin's price growth alongside capital inflows and technical indicators suggests a potential continuation of bullish momentum in the near future.
