$BTC Bitcoin is charging ahead, coming within 5% of its all-time high of $109,588, fueling optimism that a new record could be set this week.
Key Highlights:
Bitcoin has retained most of its recent gains, keeping the door open for another run at the all-time high.
BlackRock’s spot Bitcoin ETF (IBIT) has now recorded 19 consecutive days of inflows, pointing to robust investor demand.
Several altcoins are breaking out from long-term consolidation, hinting at the early signs of an altseason.
Bitcoin’s price climbed above the critical $100,000 mark, a move that underscores renewed bullish sentiment. It held on to its 10% weekly gain into the weekend, reinforcing buyer confidence.
The rally has been supported by consistent inflows into BlackRock’s IBIT ETF. Data from Farside Investors shows the fund attracted $1.03 billion last week alone, marking nearly three weeks of uninterrupted inflows.
Altcoins also joined the rally, with ETH, DOGE, PEPE, and ATOM showing notable strength. Some market watchers believe this could be the start of a broader altseason, although others remain cautious due to the relatively limited recovery from previous all-time highs.
What’s Next for Bitcoin?
Bitcoin is slowly approaching its record high, with bulls showing no urgency to take profits. However, the RSI has entered overbought territory, suggesting the potential for a short-term pullback or sideways action.
If a dip occurs, support is likely between $100,000 and the 20-day EMA (currently at $96,626). A bounce from this zone could pave the way for a breakout above $109,588, potentially targeting $130,000.
For bears to regain control, they’ll need to push BTC below the 20-day EMA. If successful, the next downside targets could be the 50-day SMA at $88,962, then possibly $93,000 or even $83,000.
The key battleground lies between $107,000 and $109,588. A rejection here could lead to a temporary pullback, but if BTC finds support at the 20-day EMA and rebounds, it would confirm continued bullish momentum.
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