Bitcoin Trading Above $105,000 After New All-Time High Near $112,000
Bitcoin is trading above $105,000 following a rally that reached an all-time high near $112,000. This price action has sparked renewed bullish momentum in the market.
- On-chain data indicates a healthy market with net realized profits at normal levels for a bull run.
- Profit-taking is viewed as essential for maintaining investor engagement and preventing exhaustion.
- The breakout from a post-halving consolidation phase suggests potential further gains, despite volatility risks.
Market Outlook
Bitcoin is positioned for its highest weekly close, stabilizing above key support levels. However, macroeconomic factors such as high interest rates and market uncertainty pose risks.
- Realized profits are around 104,000 BTC, significantly below the historical danger zone of 350,000 BTC.
- A confirmed close above $105K could solidify this level as new support for future gains.
- Current trading around $107,750 shows strong support at $100,886 and reclaimed resistance at $103,600.
While the bullish trend is intact, caution is advised due to rejection at $112K and slowing momentum. A weekly close above $105K would indicate strength, while a break below $103K may signal short-term weakness.
