Bitcoin could once again knock on the door of its previous ATH of $111,970, now trading at $107,666. With increased trading volume and bullish momentum, the question arises: can BTC break past ATH this week?
What Do On-Chain Metrics Indicate?
Funding rates across major exchanges remain slightly positive, maxing out around 0.009%. This indicates that while traders are optimistic, excessive leverage hasn’t yet entered the market. The dip in funding on June 21, followed by a steady rebound, suggests a healthy cooldown and a reduction in overheated long positions, an ideal condition for a sustainable upward push.
Bitcoin Price Analysis
Bitcoin's price is currently up 0.29% on the day and 5.71% over the past week, with a daily high of $108,798. The 32% surge in 24-hour volume supports the breakout move and hints at renewed market participation. The narrow gap of just ~3.8% from the ATH places Bitcoin within striking distance.
FAQs
How close is Bitcoin to its all-time high? Bitcoin is less than 4% away from its ATH of $111,970. Can Bitcoin hit a new ATH this week? Yes, strong volume, neutral funding, and outflows suggest BTC could break ATH this week.
Bitcoin shows strong signs of potentially reaching an all-time high; however, caution is necessary due to potential resistance levels. Monitoring current metrics and market movements can clarify possible scenarios.
