Bitcoin (BTC) is currently trading at $105,762.48, with a 1.82% decrease in value over the past day. This dip is likely due to the cryptocurrency's struggle to break above the $108,000 resistance level.
Here's what's new for BTC:
- *Market Performance*: Bitcoin's market capitalization stands at $2.17 trillion, with a 24-hour trading volume of $32.26 billion. The cryptocurrency's price has been fluctuating, with a recent high of $108,450.16 and a low of $102,664.31.
- *Institutional Demand*: Despite the recent price drop, institutional demand for Bitcoin remains strong. US spot Bitcoin Exchange Traded Funds (ETFs) have recorded significant inflows, with some analysts predicting that this trend could continue and drive the price up.
- *Technical Analysis*: From a technical standpoint, Bitcoin's realized capitalization has hit a new high of $936.60 billion, indicating growing bullish momentum. The cryptocurrency's MVRV ratio of 2.34 suggests that it's not yet overvalued, leaving room for potential growth.
- *Price Forecast*: Analysts predict that Bitcoin could reach a new all-time high if it breaks above the $109,588 resistance level. Some forecasts suggest that BTC could surge to $112,072 or even $120,000 in the short term.
- *Recent News*: The Blockchain Group's shareholders have approved a €10 billion raise to buy Bitcoin, while BlackRock's IBIT has reached $70 billion in assets under management. These developments indicate growing institutional interest in Bitcoin.