Today, Bitcoin demonstrated a significant rally, reaching the $114K mark. However, analysis shows that a breach of the $118K level is necessary to confirm a new all-time high.
Bitcoin Rally and the $118K Level
The price of Bitcoin increased by 2.5%, reaching $114,650.81 after a temporary high of $117,377. However, despite this growth, Bitcoin failed to break through the resistance level at $118,000, as noted by analyst Ali Martinez. He indicated that to continue the upward trend, breaking this level is crucial.
Issues with Bitcoin ETF and Fund Outflows
Meanwhile, there has been an outflow of funds from the US Spot Bitcoin ETF. Over the past week, a total outflow of $1.17 billion was recorded, indicating a decline in interest from institutional investors in Bitcoin as they shift focus to alternative cryptocurrencies. This has also impacted the price dynamics of the leading asset.
Analysts' Price Forecasts
Despite the current challenges, some analysts remain optimistic. One, Captain Faibik, predicted that Bitcoin's price could reach $118K if it holds the support level at $114K. Another expert, CryptoELITES, forecasts a possible rise to $260K following a short-term correction.
Thus, the current situation in the Bitcoin market demonstrates a mix of optimism and uncertainty. A breach of the key level at $118K will be an important step for the further growth of this digital asset.
