#BTCBackto100K
Bitcoin's current price is $103,004.64, with a 3.56% increase in the last day. It's likely heading back to $100K after logging four straight weeks of gains. Here's what's driving the price ¹ ²:
- *Institutional Demand*: Strong inflows into US Bitcoin spot ETFs, with $1.13 billion recorded in just three weeks, indicate growing institutional interest.
- *Corporate Demand*: Companies like Metaplanet and MicroStrategy are investing heavily in Bitcoin, with Metaplanet issuing $24.7 million in interest bonds to buy more BTC.
- *Regulatory Developments*: Arizona's bill allowing state funds to invest in Bitcoin could set a precedent for other states, potentially increasing demand.
However, profit-taking by investors is causing concern about a potential local top. Analysts note that:
- *Profit-Taking*: Aggressive profit-taking by short-term holders could lead to a correction, but long-term holders remain bullish.
- *Market Indicators*: Bitcoin's MVRV ratio is within a normal range, suggesting room for growth before reaching a market top.
Key price levels to watch ³ ²:
- *Resistance*: $97,700 and $100,000
- *Support*: $95,000 and $92,000
Overall, Bitcoin's price trajectory looks promising, but market volatility and corrections are possible.
