Thanks to positive institutional flows and inflation concerns, the price of Bitcoin touched an all-time high on Monday, when it tested $107,148.
Bitcoin (BTC) price had a strong start to the week, hitting multi-month highs after a surge in institutional flows led by micro-strategies, amid fears of further capital inflation.
Bitcoin Market Movers: Microstrategy and Metaplanet Collect BTC
MicroStrategy made headlines by adding $764.9 million worth of BTC to its coffers, after a class-action lawsuit was filed accusing the firm of violating federal securities laws.
Japanese investment firm Metaplanet also received $104.8 million in Bitcoin, bringing its total holdings to close to $1 billion.
Two transactions, MicroStrategy and MetaPlanet, probably had the biggest impact on the asset's increase to $107,148.
Investors look to Bitcoin as a hedge against rising inflation.
Apparently, investors are leaning toward using bitcoin as a hedge amid rising inflation concerns and the prospect of hawkish monetary policies.
In its latest earnings call, Walmart hinted at the possibility of price hikes on products affected by the tariffs, which the market interpreted as a sign of a potential interest rate hike.
Bitcoin Price Technical Analysis: Key Indicators
According to our Bitcoin technical analysis, the Bitcoin price chart shows that $BTC /USD is breaking through key Fibonacci resistance levels, reclaiming the 0.5 level at $104,634 and is currently approaching the 0.618 level at $105,226.
If buyers can hold off selling around current levels, a successful push past the 1.0 Fib extension at $107,141 could lead BTC to retest all-time highs and move towards $110,240 and $115,254.
The recent bounce off the $102,000 support zone formed a classic bullish reversal pattern, indicating strong buyer interest.
However, the Stochastic RSI seems to be pointing to a bearish trend, which suggests tha Bitcoin is trending in an overbought zone.
At the time of writing, Bitcoin is trading at $104,491. If the current momentum continues, the Bitcoin price forecast sees a bullish move to $110,240 soon.
The digital asset appears primed for a strong breakout, fueled by increased institutional appetite, increased ETF flows, and growing concerns about inflation risks.
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