Bitcoin has seen some volatility today, currently trading below $108,000 after a mild pullback from earlier highs. The cryptocurrency had rallied past $110,000 earlier in the week, fueled by better-than-expected US CPI data. However, geopolitical concerns, particularly escalating conflicts in the Middle East, are contributing to a risk-off sentiment in the market.
While institutional demand for Bitcoin remains strong, with consistent inflows into US spot Bitcoin ETFs, the immediate technical outlook suggests a potential retest of support levels around $106,400. Analysts are watching key resistance at $112,000, with a bullish target of $115,000 still possible if macroeconomic data continues to be favorable.
