Bitcoin has entered price discovery once again, pushing past its January high to reach $111,924. Just six weeks ago, it dropped below $75k. Now it’s trading cleanly above the previous ATH with five-day net inflows exceeding 1,500 BTC, and hourly candles consistently hugging the upper Bollinger band.
Momentum remains intact: MACD widening, RSI in the mid-60s, and a steady sequence of higher lows. Money flow supports the move, with over 4,600 BTC in large buys versus 4,100 BTC in sells. Medium inflows are also strong, suggesting sustained interest—not just headline chasing.
Still, there’s precedent for caution. In 2021, BTC tested 65k three times and failed to establish distance. The breakout never matured. This time, 110k plays the same role. Staying above it over the next few sessions could open the path toward 116k, 126k, and possibly 148k. But if price slips back under that threshold, chop returns. The 105k–106k zone becomes key, with 101k as deeper trend support.
It’s a breakout with backing—no immediate resistance above—but also one that enters euphoric territory, where volatility tends to punish late momentum. Whether it can sustain and expand depends on what happens next: not the spike, but the follow-through.
