Bitcoin Surges Above $100,000 Amid Signs of Trend Reversal

Bitcoin (BTC) shows signs of a potential trend reversal after weeks of decline, recently surpassing $100,000 for the first time since February 3. Currently, BTC trades slightly above this threshold, about 5.2% below its all-time high of $108,786 from January 20. The cryptocurrency has rebounded over 20% from a low of $74,508 on April 6.

Key Insights

The CryptoQuant Bull-Bear Market Cycle indicator indicates early bullish signals, with a coefficient of 0.029.
The 30-day moving average (MA) is turning upward; crossing above the 365-day MA historically leads to price growth.
Macroeconomic factors, particularly global M2 money supply increases, suggest a potential rise in BTC prices.
Despite recent gains, profit-taking could signal a local top.
Current demand momentum remains in negative territory, typical during late-cycle distribution phases.
The Stochastic Relative Strength Index (RSI) indicates renewed bullish momentum.

As of now, Bitcoin trades at $103,444, up 4% in the last 24 hours.