$BTC Update 💥🚀

Bitcoin (BTC) is trading at approximately $104,348, marking a significant recovery from its April low of around $74,000. This resurgence is attributed to renewed institutional interest, with $5.3 billion flowing into spot Bitcoin ETFs over the past three weeks.

Technical indicators suggest a bullish outlook:

• Moving Averages: BTC is trading above its 50-day and 200-day moving averages, reinforcing the positive trend.

• Relative Strength Index (RSI): Currently above 70, indicating overbought conditions, which may suggest a potential short-term correction. 

Key resistance levels to monitor are at $106,500 and the previous all-time high of $109,225. A decisive break above these could pave the way toward the projected target of $120,000. Conversely, support levels are established at $100,000 and $92,000; a drop below these could signal a deeper retracement.

Market sentiment is further bolstered by geopolitical developments, such as the U.S.-UK trade agreement, which have enhanced investor confidence. However, analysts caution that Bitcoin’s correlation with traditional markets remains significant, and macroeconomic factors could influence its trajectory.  

In summary, while Bitcoin exhibits strong bullish momentum, traders should remain vigilant for potential volatility and consider these technical levels in their strategies.