Bitcoin Reaches New ATH of $111,861.22 Amid Strong Institutional Inflows
Bitcoin has reached a new all-time high (ATH) of $111,861.22, surpassing the previous record and trading at approximately $110,751.70. The cryptocurrency has experienced a strong monthly rally of over 25%, with a 3% increase in the last 24 hours.
Key Insights
- Analyst Ali Martinez indicates Bitcoin is in price discovery mode, with key resistance levels at $116,000, $126,000, $136,000, and $148,000.
- On-chain data provider Santiment notes the all-time high followed a period of market fear exacerbated by geopolitical tensions.
- Institutional inflows have played a significant role, with BlackRock’s spot Bitcoin ETF exceeding $20 billion in assets under management.
- Fidelity and Ark Invest have reported record inflows, contributing to a rise in spot ETF holdings.
- Market conditions show mild optimism among long traders, with low short-term capital inflows and minimal profit-taking activity by whales.
Price Analysis
The Relative Strength Index (RSI) is at 77.19, indicating overbought territory, which may suggest a potential pullback. However, during strong bull markets, RSI can remain elevated. Bollinger Bands indicate increased volatility, with the price near the upper band at $111,798.60. A key support level is identified at $102,702.17.
BTC Daily Chart | Source: TradingView