Bitcoin price rally has continued on Friday, with the crypto market bellwether hitting a new all-time high of $118,839. That marks the third day in a row that BTC price has broken its TH this week, underlining the strong bullish hold. The coin’s upsurge has brought the next psychological barrier at $120k within reach heading into the weekend. It has gained more than 7% in the last week, and with its RSI at 72, the upside narrative is likely to hold.
Why Bitcoin Price Upside Will Likely Continue Despite ATH
The last 24 hours saw Bitcoin’s trading volume rise by 93% to $123 billion, despite the price gain. That signals growing investor appetite that will likely keep the uptrend going. Institutional appetite for the coin is on the rise, with the ETF market on a roll. Bitcoin spot ETFs saw $1.18 billion worth of net inflows on Thursday-the second-highest net inflow figure for a single day on record.
Meanwhile, Bitcoin price upside is also supported by the strong decline in exchange outflows. According to IntoTheBlock data, BTC had -$583 million worth of net outflows in the last seven days. That signals that selling pressure is declining, which will likely add propulsion to the coin’s upside potential. Also, whale activity spiked in that period, with transactions worth $100k or more rising to $124.26 billion.
Bitcoin Price
Bitcoin price momentum favours the upside to continue above the $116,480 pivot mark. The coin will likely meet the first resistance at $118,000. However, an extended control by the buyers will break above that level and likely test $119,000.
Alternatively, breaking below $116,480 will shift the momentum to the downside. That will likely see initial support come at $115,220. The upside narrative will be invalid below that level. In addition, a stronger downward momentum could push BTCUSD lower and test the second support at $114,010.
