Bitcoin Reclaims $107K, Is a Major Bitcoin Price Rally Ahead?

• Bitcoin price surged around 2% today, trading above the $107K mark. 
• Crypto fear and greed index reads “51”, indicating a neutral market sentiment. 
• Bollinger band spread widens, indicating a surge in price volatility and hinting at an upcoming price surge. 

After trading below the $105K price level for the last 3 days, Bitcoin price has surged today. It is up by around 2% in the last 24 hours and is trading above the $107K price level. Even though the market sentiment seems to be neutral, key technical indicator suggests an upcoming price rally. 

The largest cryptocurrency by market cap is currently trading at around the $107K price level. Its market cap has surged by 1.9% in the last 24 hours, while trading volume surged by 20%. Meanwhile, the crypto fear and greed index is reading 51, which shows a neutral market sentiment in crypto. 

Bitcoin market analyst Rachael Lucas addressed the geopolitical tensions between Iran and Israel. Because of the ongoing war between these two countries, the crypto market was down in the last few days. However, Bitcoin price bounced back to the $107K level today, showing resilience. 

The fund inflows into the crypto ETF products are also contributing majorly to the Bitcoin price surge. As per the latest CoinShares report, weekly crypto asset inflows surpassed $1.9 billion last week. Bitcoin products alone accounted for $1.3 billion fund inflows last week. This is a positive sign for crypto market’s resilience amidst geopolitical tensions. 

What’s Next For Bitcoin Price? 

The above technical analysis of Bitcoin market price shows bullish and bearish market volatility. It shows Bitcoin market price movements on the top, and Bollinger BandWidth (BBW) in the middle, and BBW’s MACD histogram in the bottom. Taking BBW as input in the MACD histogram, we can see whether the Bitcoin market shows bullish or bearish signals. 

The MACD histogram is turning green at present, indicating that a bullish Bitcoin price rally is ahead. This is not a direct indicator of Bitcoin’s bull rally. However, whenever the MACD histogram of BBW turned green, the Bitcoin price has historically witnessed a significant surge. 

The upcoming FOMC could also impact the market price of Bitcoin this week. Interest rate decisions by the Federal Open Market Committee have always had an impact on the crypto market. In case, the Fed’s rate cut decision is favorable to the crypto market, we can witness a major Bitcoin price rally. 

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