Behind the rise in Bitcoin prices is a continuously increasing trading volume, which confirms the release of genuine market demand rather than mere speculative trading.
From a daily technical analysis perspective, the Relative Strength Index (RSI) has just begun its upward trend, leaving ample room for subsequent price increases. Reviewing historical cycles, Bitcoin's price movement often follows a similar pattern of 'rising - consolidating - breaking out'.
Currently, Bitcoin is gradually entering the critical third phase of this market cycle.
If the past upward momentum continues, a new round of explosion may be expected in the short term, with a price target range likely to rise to $104,000 to $121,000.
