Bitcoin is currently nearing its all-time high (ATH) at $111,970, trading around $107,666, with a 5.71% increase in the last 7 days and a 32% spike in trading volume in the past 24 hours. A clear upward momentum is forming, drawing interest from many investors and traders. The question is whether Bitcoin can surpass ATH this week. This article will analyze on-chain data and price behavior based on key indicators such as funding rates, outflows from exchanges, and technical signals to help you better understand the short-term and long-term price outlook for Bitcoin.
On-chain indicators and Bitcoin's recovery signals
Funding rates maintain a balanced state
Funding rates on major exchanges are currently holding a slight positive level, peaking at about 0.009%. This suggests that traders are generally optimistic but not overly leveraged, helping to avoid the risk of a market bubble. The reduction in funding rates on June 21, coupled with a subsequent stable recovery, indicates a healthy cooling-off period and reduced pressure from overheating long positions, facilitating more stable price increases.
Exchange outflows have turned negative
Outflows from Bitcoin exchanges have surpassed inflows since the peak on June 20. This is a sign that investors are moving Bitcoin to cold wallets for long-term storage, reflecting confidence in the long-term market. At the same time, the decrease in inflows also indicates that short-term selling pressure is easing, increasing the likelihood of a continued upward price trend in the near future.
Bitcoin price analysis and outlook for the week
The price of Bitcoin is currently up slightly by 0.29% for the day and 5.71% for the week, with a daily high of $108,798. The trading volume surged by 32% in the past 24 hours, reinforcing the potential for a breakout and attracting active participation from the market. The current distance is now nearly 3.8% from ATH, giving Bitcoin a chance to reach $112,000 if the upward momentum continues.
If Bitcoin surpasses the recent high of $108,800, this could trigger breakout orders and force short positions to cover (short squeeze), creating strong upward momentum. However, the $110,000 level will be an important psychological resistance, requiring buyers to be cautious to avoid strong profit-taking and potential price fluctuations.
Frequently Asked Questions about Bitcoin and ATH
Are you wondering how far Bitcoin is from ATH?
Bitcoin is currently less than 4% away from its all-time high of $111,970, hovering near record price levels.
Will Bitcoin reach a new ATH this week?
Factors such as a significant increase in trading volume, balanced funding rates, and clear outflows from exchanges indicate a high likelihood that Bitcoin will surpass ATH this week.
What factors could help Bitcoin break above ATH?
Sustained increases in trading volume, continued outflows from exchanges, and successfully breaking through the $108,800 price level are key points for Bitcoin's price to approach and exceed its all-time high.
Source: https://tintucbitcoin.com/bitcoin-co-tang-gia-cao-nhat-tuan/
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