Bitcoin Price Surges Over 4% to Near $100K Amid Strong Market Signals
Bitcoin price #BTC increased over 4% on Wednesday, briefly exceeding $97.3K before dropping to around $95.3K on Thursday morning. Despite potential midterm correction risks, this rebound has positively impacted the altcoin market.
The total cryptocurrency market capitalization rose by over 2% in 24 hours, reaching approximately $3.5 trillion. Ethereum price #ETH surpassed $3.5K, indicating a shift of funds from Bitcoin to altcoins.
Bitcoin's market dominance fell from 61% to about 58%. Increased market volatility led to over $280 million in liquidations, primarily affecting short traders.
Major Factors Contributing to Bitcoin Price Rebound
Recent bullish sentiment for Bitcoin is attributed to strong fundamentals. Notably, U.S. spot Bitcoin ETFs saw a net cash inflow of approximately $103 million, with no outflows reported on Wednesday.
While BlackRock’s IBIT did not record inflows, Fidelity’s FBTC and Bitwise (BITB) noted net inflows of around $40.2 million and $48 million, respectively. US spot Bitcoin ETFs now hold BTC valued at over $104 billion.
Market reactions also followed rumors that Paul Atkins, a former SEC commissioner known for pro-crypto views, may lead the agency and promote a pro-innovation agenda.
Additionally, Bitcoin prices surged following a ceasefire agreement between the Israeli security cabinet and Hezbollah, suggesting regional stability.
Bitcoin’s Open Interest exceeded $62 billion, signaling increased demand, particularly from whale investors. Furthermore, supply on centralized exchanges decreased by over 15K units in 24 hours, falling below 2.3 million units.
Midterm Targets
Crypto analyst Michaël van de Poppe predicts Bitcoin could approach $100K driven by institutional interest. However, he warns of a possible drop to just above $85K before resuming an upward trend.
Great move of $BTC.
Bounced from the first area of interest –> question now is whether we'll see a new ATH or whether we'll test the lows.
I wouldn't be surprised with a $100K test.
However, it's risk-on period, which means that altcoins will continue to run. pic.twitter.com/Lxw9pT0NXk
— Michaël van de Poppe (@CryptoMichNL) November 28, 2024
From a technical analysis perspective, Bitcoin is currently in a macro bull run, with both weekly and monthly Relative Strength Indexes (RSI) exceeding 70%.