- Bitcoin price is attempting to reclaim $110k support from where it will be better placed to build traction to break its record highs.
Bitcoin price retested $108k for the second successive day on Monday, hitting two-week highs of $108,800 before easing marginally to trade at $107,550 at the time of writing. The crypto market bellwether is attempting to reclaim the $110k mark, which is seen as an important psychological support to build traction for breaching its all-time-highs set in May.
The coin’s momentum calls for further upside, as its 24-hour trading volume was up by 29% at press time, signaling rising investor interest. The positive sentiment around Bitcoin is supported by strong institutional interest, which continues to strengthen investor confidence. For instance, Michael Saylor’s Strategy’s latest purchase was 4,980 BTCs, bought for $531.9 million at $106,801. Elsewhere, Japan’s MetaPlanet bought 1,005 coins at $108.1 million. The company has also issued $208 million worth of bonds to fund more BTC purchases. In addition, The Bitcoin Group bought 60 BTCs at €5.5 million.
The strong institutional appetite is reflected in the ETF market, which has stayed on a teady upward trajectory even in periods of brief declines. Bitcoin spot ETFs have recorded gains for the last 14 successive trading sessions, with Friday’s session resulting in $501.2 million worth of net inflows.
The world’s largest investment management company, Blackrock, currently holds $79.6 billion worthy of cryptocurrencies, out of which $75.29 billion is in BTC. A continuation of this trend will keep BTC on the ascent. On the technical front, Bitcoin price RSI is at 56 on the daily time frame, adding credence to the likely continuation of the upside.
Bitcoin Price Prediction
Bitcoin price pivots at $107,520 and the momentum favours the upside. The coin will likely head upwards and meet initial resistance at $108,000. A stronger momentum will break above that level and could send the action higher and test $108,110.
Conversely, breaking below $107,520 will invite the sellers to take control. In that case, the first support will likely be at $107,260. The upside narrative will be invalid if the price breaks below that level. Furthermore, an extended control by the sellers could send the coin lower and test $106,910.
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