Bitcoin Surges Past $107,000, Market Cap Reaches $2.12 Billion
Bitcoin has surpassed the resistance level of $107,000, currently trading at approximately $107,800, reflecting a 24% increase over the past month. The market cap has increased by over $100 million, reaching around $2.12 billion.
Key developments include:
- Glassnode reports that Bitcoin's Realized Cap has hit a record high above $900 billion, positively impacting investor portfolios and prompting profit-taking.
- Analyst BitBull highlights that if Bitcoin reaches $108,000, $1.1 billion worth of shorts will be liquidated.
Government Interest in Bitcoin
A Standard Chartered report indicates that governments are increasing indirect exposure to Bitcoin through purchases of MicroStrategy shares. The bank predicts Bitcoin could reach $500,000 by 2029 and recently adjusted its short-term price target to $200,000 by Q2 2025.
Price Outlook
The current RSI for Bitcoin is 73, suggesting overbought conditions but also indicating potential for continued bullish momentum. The middle band (20-day SMA) at $101,000 acts as immediate support, with resistance between $108,000 and $110,200.
BTC price chart with RSI and Bollinger Bands | Source: TradingView
A breakout above the resistance could lead to new price peaks.
BTC Bull Presale
As Bitcoin rises, the presale for Bitcoin Bull (BTCBULL) has attracted attention, raising over $6 million towards its $6.9 million goal. Key details include:
- Token Price: $0.00252
- Funds Raised: $6.06 million
- Payment Methods: ETH, USDT
- Ticker: BTCBULL
The presale is closing soon, potentially leading to price increases following its completion.