Bitcoin Reaches New All-Time High of $107,699
Bitcoin has achieved a new all-time high (ATH) of $107,699.00, contributing to a total cryptocurrency market cap of $3.73 trillion. Market participants are focused on whether Bitcoin can reach $110,000 before year-end.
On the 4-hour chart, Bitcoin has exited a rising channel pattern, indicating strong buyer activity. The price movement has reached the target of an inverted head-and-shoulders breakout but faces resistance at the 50% Fibonacci level ($106,912).
Technical indicators support a bullish outlook. The MACD and signal lines are positively aligned, indicating increased buyer interest and potential for upward movement.
Institutional investors significantly contribute to Bitcoin’s rally. U.S. spot Bitcoin ETFs have reported daily inflows of $636.85 million, led by BlackRock with $418.16 million and Fidelity with $116.06 million. This trend reflects growing institutional confidence in Bitcoin's long-term value.
Additionally, MicroStrategy's purchase of $1.5 billion worth of Bitcoin has supported the rise to its new ATH. Institutional holdings now account for $120.71 billion in Bitcoin, representing 5.76% of its market capitalization.
For sustained momentum, Bitcoin needs to close above $106,912. A successful breakout could target $110,730, corresponding to the 67.8% Fibonacci level. Conversely, if it cannot maintain gains, a pullback to the 38.2% Fibonacci level at $103,093 is possible.
Bitcoin’s new ATH of $107,699.00 reinforces its dominance and bullish trend. Investors are monitoring key resistance levels and institutional actions to predict future movements.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.