Bitcoin Update

Bitcoin $BTC

is trading at approximately $107,438, up 1.33% in the last 24 hours, and has maintained its position above the $106,000 mark. [2] It was also reported at $107,647, up 1.3%, as of 11:07 AM IST. [4] Bitcoin's market capitalization stands at about $2.14 trillion, holding a 62.9% dominance of the total crypto market. [2] [4] The cryptocurrency has climbed over 13% in May alone, from $94,000 to over $106,000. Market watchers indicate Bitcoin is consolidating near $107,000, with strong support at $98,000 and key resistance at $109,500; breaching this level could target $112,000. [1] Maintaining levels above $105,000 is crucial for continued bullish momentum.

The rally is primarily fueled by institutional interest, with US spot Bitcoin ETFs recording net inflows of $41.7 million on Tuesday, marking their fifth consecutive day of gains. [1] [4] Bitcoin ETF net flows reached $329.2 million on May 20, with IBIT dominating at $287.5 million. [2] BTC futures open interest rose by 10.65% to $74.35 billion over the past week, with Binance accounting for $12.28 billion. [1] [4] On-chain data shows a 12% increase in Bitcoin wallet addresses holding over 1 BTC between May 19 and May 20, reflecting continued accumulation. Bitcoin is now the sixth-largest asset globally by market capitalization, having surpassed Alphabet and silver.

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