Bitcoin continues its upward trend, hitting a new record of $118,000 amid expectations of interest rate cuts from the Federal Reserve.
New Bitcoin Records
Bitcoin set a new all-time high at $118,000, just a day after reaching $111,999. The surge was triggered by dovish signals from the Federal Reserve, providing support for cryptocurrencies.
Investment and Derivative Dynamics
On Wednesday, institutional inflows into Bitcoin ETFs reached $218 million, confirming interest in alternative assets. This month, total institutional investment in Bitcoin ETFs exceeded $1.18 billion. Santiment data shows retail investors are stepping back, while institutional players become more active.
Future Predictions and Support Levels
Analysts note Bitcoin is in 'price discovery mode,' with the next resistance level expected at $120,000. Current support may be around $108,355. In the coming days, markets will closely watch labor sector data and Fed commentary.
Bitcoin displays positive trends amid macroeconomic changes and increased institutional activity. The future of the cryptocurrency may be defined by upcoming economic data and Fed actions.
