The price of Bitcoin (BTC) is witnessing a significant rise, surpassing the $100,000 barrier for the first time since February, and is currently trading near $102,700.

Current Technical Analysis

Potential Resistances: Analyses indicate strong resistance at levels of $106,500 and $107,000. If these levels are surpassed, the price may target $120,000.

Key Support: The $100,000 level is considered a significant psychological and technical support. In the event of a correction, the price may retreat to the range of $92,000–$95,000.

Relative Strength Index (RSI): The indicator shows readings above 70, indicating an overbought condition that may lead to a short-term correction.

Factors Influencing the Market

Institutional Investments: Digital asset investment funds have seen inflows of $5.5 billion over the past three weeks, including $1.8 billion in Bitcoin products.

Political and Economic Developments: The announcement of a preliminary trade agreement between the United States and the United Kingdom has boosted investor confidence, contributing to the rise of Bitcoin.

Local Legislation: States such as Arizona and New Hampshire have enacted laws allowing the holding of reserves in digital currencies, reflecting increasing support for cryptocurrencies at the local level.