#BTC115ktoday #EarnFreeCrypto2024
Market Overview Bitcoin bounced from its weekly low of $98,385 to $107,314.50, achieving a recovery of 9.07% after profit-taking sales drove prices below $100,000. Support appeared in the $104,000 - $105,000 range as buyers entered despite the uncertainty in the macroeconomic environment.
Current resistance areas between $108,000 - $109,000 remain important to confirm whether this rebound indicates the continuation of the broader upward trend. Key Factors Geopolitical factors, including the de-escalation of conflict in the Middle East, have contributed to redirecting capital from safe assets to cryptocurrency markets.
Institutional confidence is demonstrated through inflows of $514 million and Done.AI's purchase of $2 million in Bitcoin. Exchange-traded funds (ETFs) in the United States continue to record positive inflows, while the long-to-short trading ratio has risen to 1.19, indicating a strengthening in bullish sentiment. Technical outlook and trading implications suggest that technical indicators point to a positive momentum shift, with the MACD indicator indicating a potential rise, while the RSI remains in neutral territory with bullish divergence.
Expectations range from a target set by Bitfinex at $115,000 in July, to predictions from Fundstrat for 2025 at a level of $150,000 - $250,000.
Among the key watch points is the resistance level at $109,000, where a successful breakout could test the $115,000 level. Market sentiment shows whale movements (large players) accumulating near support levels, while miner reserves continue to decline, indicating a shrinking supply.
With only 5% of the supply remaining unmined, institutional demand is competing for a dwindling number of available coins. Traders should monitor exchange-traded fund (ETF) flows and exchange reserves for indicators of short-term direction, while being cautious of Federal Reserve policy changes that may affect momentum.