Bitcoin has once again demonstrated its resilience as the flagship cryptocurrency closed the week above its critical range high even after experiencing a dramatic crash from the 107000 mark This development has sent a strong signal to the market that bulls remain firmly in control despite the volatility that continues to characterize the digital asset space
During the past week Bitcoin saw extreme price fluctuations starting with a rally that pushed it to a new alltime high of 107000 only to be followed by a sharp correction that wiped out over 15000 in value within hours The crash rattled market participants and triggered liquidations across leveraged positions yet Bitcoin managed to hold its footing above the previous range high around the 95000 to 97000 zone
Analysts are pointing to several factors that may explain the sustained bullish momentum despite the dramatic price drop One of the key drivers is strong institutional demand with onchain data indicating large volumes of Bitcoin being accumulated by longterm holders and corporate entities This suggests that the dip was seen as a buying opportunity rather than a cause for panic
Another significant factor is the increasing integration of Bitcoin into traditional finance infrastructure with more spot ETFs now available and growing interest from wealth management firms These developments are contributing to a narrative of Bitcoin as a mature asset class which in turn is attracting more conservative capital into the market
From a technical perspective the close above the range high is viewed as a bullish confirmation of support flipping This kind of price action typically sets the stage for continuation patterns and may signal that a new leg up is imminent Traders are watching closely for consolidation around the 97000 to 100000 level which could form a new base before another upward push
Additionally macroeconomic conditions continue to favor risk assets with central banks maintaining a relatively dovish stance and inflation concerns lingering in the background Bitcoin is increasingly being seen as a hedge in this environment further bolstering its appeal among both retail and institutional investors
While the sharp rejection from 107000 has introduced some shortterm caution the broader outlook remains positive The market has absorbed the shock and held key levels suggesting that bulls are still steering the trend and the path to reclaiming and surpassing the recent high remains open if momentum continues to build in the coming days