Bitcoin Market Analysis: The Crucial Role Played by the $110,000 Mark in Determining the Price Rally’s Future Direction
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Here’s Why Reaching $110,000 By the Year End Is Very Important for the Bitcoin (BTC) Price Rally
While it has started to demonstrate strength, the Bitcoin (BTC) market is witnessing a surge in spot ETF inflows. The past 24 hours have seen an influx of $428.98 million, followed by $393 million since the day’s trading commenced. Furthermore, MicroStrategy’s entry into the Nasdaq 100 index, fueled by more than $42 billion in BTC and over $550 billion in ETF assets, has led to a significant upsurge in the Bitcoin price.
Given this backdrop, it is crucial for the Bitcoin price rally to reach the $110,000 mark before the end of the year. The recent price movements have indicated that the token’s dominance is rising once again, accompanied by increased buying pressure following MicroStrategy’s inclusion in the Nasdaq 100 index.
Interestingly, technical indicators suggest that psychological resistance may be hindering investors from accumulating at the current levels. A strong squeeze on the chart indicates that buyers are currently experiencing a hard time purchasing Bitcoin above $100,000. As such, it is anticipated that the price will linger around these levels for some time before making a decisive move.
In the event that this psychological hurdle can be overcome, analysts predict a significant upswing to follow. This could potentially push the price beyond $105,000 and eventually breach the $110,000 mark by year-end. However, if buyers fail to withstand the bearish pressure at these levels, a downward correction may be imminent.
In any case, as long as the Relative Strength Index (RSI) remains within its current range and the 50-day Moving Average (MA) continues to serve as strong support, the possibility of a new all-time high remains.
Source: coinpedia.org
