Bitcoin continues to show positive momentum as it approaches its historical maximum. Data and technical indicators suggest a potential achievement of a new milestone.
Current Bitcoin Metrics
According to coinmarketcap, Bitcoin is trading at $106,545.55 with a 1.65% increase over the past 24 hours. The price is just 3.14% shy of the record at $110,000, sparking interest from investors.
Technical Indicators and Market Structure
Bitcoin exhibits a bullish trend with a growth of 2.49% over the last week, raising its market capitalization to an impressive $2.1 trillion. Trading volume remains strong at around $55.01B. The market structure shows a clear pattern of higher lows since April, emphasizing its bullish potential.
Altcoins and Their Impact on Bitcoin Market
While Bitcoin continues to rise, altcoins appear to be losing momentum, which may funnel more capital into BTC. This creates a high likelihood of a test of the $110,000 level in the near future.
Current market conditions and technical indicators suggest further growth for Bitcoin, possibly even to new records. Investors remain optimistic.
