Bitcoin Surpasses $119K as Institutional Inflows Surge

Bitcoin has surpassed the $119,000 mark, rising 2.50% in the last 24 hours and 8% over the past week. This upward movement has garnered interest from institutional investors.

Institutional Influence

Bitcoin spot ETFs saw inflows of $430 million, contributing to a market value increase from $870 billion to $2.34 trillion this year.
Steady institutional buying is sustaining the rally.

Price Levels and Targets

Resistance zones at $118,500 and $119,800 are being tested, with potential to reach $120,000 if buying pressure continues.
The $115,000 area serves as a base, with a long-term target near $130,000.

On-Chain Signals and Volatility

Trading volume increased by 12% to nearly $95 billion, and Open Interest rose by 4.46% to $84 billion.
$157.08 million in positions were liquidated, predominantly shorts.
A bullish MACD crossover and an RSI of 58% suggest further growth potential without overheating.

Seasonal Patterns

October historically shows strong performance with an average gain of 20%.
The fourth quarter's average return is 78%, adding to market optimism.

Investors are considering on-chain data, technical levels, and seasonal trends to guide their decisions.