Bitcoin is regaining its footing, rising above $110,000 and approaching a record high of $111,970 after weeks of trading in a narrow range. This surge indicates renewed bullish sentiment among buyers.
Bitcoin Breaks Free from the Downtrend
Bitcoin has been confined within a descending channel for several weeks, indicating bearish sentiment. However, its recent breakout above the upper boundary may signal a potential return to a bullish market.
Increased Investor Confidence
Discussions about Bitcoin have surged online, with the Fear and Greed Index rising from 63 to 73. This increase indicates high investor confidence, especially among long-term holders who control a record amount of Bitcoin.
Resistance at $112,000
Despite the positive momentum, analysts note that the $112,000 level presents a strong barrier. If the market fails to break through this level again, a retreat to $100,000 may not be surprising.
Despite potential obstacles, the current positive momentum of Bitcoin and growing interest from markets and institutional investors could signal another significant move in the near future.
