Bitcoin (BTC) surged to a new all-time high of $109,350 during Monday’s early trading session, defying the broader market downturn seen over the past 24 hours. As of now, BTC trades at $107,422, and with strong buying pressure, the cryptocurrency could resume its upward trajectory soon.
Bitcoin Bulls Maintain Momentum
Despite market volatility, Bitcoin’s price continues to show strength. Analysis of the BTC/USD one-day chart reveals sustained demand, with its Balance of Power (BoP) indicator standing at 0.75, highlighting a bullish market sentiment.
The BoP indicator measures the tug-of-war between buying and selling forces. A positive value, like BTC’s current reading, suggests buyers are in control, pushing prices higher as demand outweighs supply.
Increased Spot Inflows Confirm Demand
Another factor supporting Bitcoin’s price growth is the rise in spot inflows, which have reached a 30-day high of $316 million, according to Coinglass.
Higher spot inflows indicate an influx of funds into the market, reflecting increased buying interest. If supply remains limited, this growing demand could further propel Bitcoin’s value.
BTC Price Prediction: Will $110,000 Be Next?
If current buying momentum continues, Bitcoin could reclaim its recent high and push toward the $110,000 mark. Breaking this psychological level may set the stage for further price increases.
However, a surge in sell-offs could disrupt the rally. In such a scenario, BTC might drop below $100,000, with potential support at $99,800.
Investors should also watch for increased volatility amid Donald Trump’s upcoming inauguration. Speculation is growing that he might address the concept of a Strategic Bitcoin Reserve, which could impact market sentiment significantly.
