Bitcoin Eyes $100K After Reaching New ATH of $97.6K

• Bitcoin’s Resistance at $97,024 is broken, targeting $100,000 next.
• RSI at 70.66 and CMF at 0.312 confirm bullish momentum.

Bitcoin (BTC) surged to a new all-time high of $97,628 and is currently trading at $97,360 marking a 5.60% gain in the past 24 hours. The global crypto market cap climbed 2.77% to $3.15 trillion, driven by a pro-crypto U.S. government and institutional demand. Trading volume for Bitcoin rose 6.74% to $80.61 billion, while its dominance increased 1.20% to 60.64%. Bitcoin’s market cap now stands at $1.91 trillion, with a 4.69% gain.

Spot Bitcoin ETFs launched by BlackRock on Nasdaq fueled market enthusiasm. BlackRock’s Bitcoin options ETF contributed to a record $1.9 billion trading volume, showcasing surging institutional interest. Whale activities also indicated strong accumulation, with one whale amassing 3,289 BTC worth $302 million over the past two days. Notable transfers included 552 BTC from Coinbase to an unknown wallet and 800 BTC to Antpool.

Bitcoin added 30% in 14 days, benefiting from Federal Reserve rate cuts and a “Trump trade” optimism. Analysts attributed the rally to Donald Trump’s pro-crypto policies and a supportive cabinet. BlackRock’s IBIT ETF inflows further reinforced BTC’s upward momentum.

Alongside Bitcoin’s rise, the cryptocurrency market saw $393 million in liquidations. Of this, $267 million were long positions, and $126 million were short positions. Bitcoin led the liquidations with $77.4 million, followed by Ethereum and Dogecoin. A total of 149,210 traders were liquidated, with the largest liquidation occurring in the ETH/BTC trading pair on Binance.

Bullish Indicators for BTC

The support level for Bitcoin is at $95,863, while the resistance is at $97,024. If Bitcoin breaks above the $97,024 resistance, analysts predict it could quickly target $100,000. Conversely, a fall below the $95,863 support may lead to a retraction toward the $94,000 range.

Bitcoin’s technical indicators point to sustained bullish momentum. The Relative Strength Index (RSI) is at 70.66, signaling overbought conditions but reflecting strong buying pressure. The RSI average of 61.29 supports this upward trend, highlighting consistent market confidence.

The Chaikin Money Flow (CMF) is at 0.312, indicating significant capital inflow into Bitcoin. This metric underscores the increasing demand, suggesting that buyers are driving the price higher. Combined with RSI, the CMF suggests that Bitcoin is poised to maintain its bullish trajectory in the short term.

BRN analyst Valentin Fournier predicts BTC will surpass $100,000 by year-end, driven by institutional inflows and technical strength. The crypto market remains optimistic, buoyed by strong fundamentals and growing adoption.

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