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Bitcoin Hits Record $109,350: Will It Break $110K?

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.

Bitcoin BoP. Source: TradingView

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.

Bitcoin Spot Inflow/Outflow. Source: 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.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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