Key takeaways
- BTC set a brand new all-time excessive of $125,559 on Sunday.
- The coin rallied by 10% within the final seven days and will rally greater within the close to time period.
Bitcoin units a brand new all-time excessive of $125k
Bitcoin, the primary cryptocurrency by market cap, rallied by 10% final week to succeed in a brand new all-time excessive of $125,559 on Sunday. At press time, BTC is buying and selling at round $123,900, down 1.3% from its all-time excessive.
The rally comes amid rising institutional curiosity in Bitcoin and associated merchandise. Final week, spot Bitcoin ETFs in america recorded an influx of over $3 billion. The surge in inflows for spot Bitcoin ETFs will be attributed to the continuing shutdown of america authorities.
The shutdown has seen traders flip to risk-based belongings like Gold and Bitcoin, with each belongings hitting new all-time highs within the final 48 hours. With the Fed fee determination to return later this month, analysts are optimistic that Bitcoin will hit the $130k mark over the subsequent few days or even weeks.
BTC eyes $130k as bullish development grows stronger
The BTC/USD 4-hour chart is bullish and environment friendly as Bitcoin has carried out excellently over the previous few days. The bullish development may see Bitcoin rally greater within the close to time period.
The momentum indicators are presently bullish, with the Relative Power Index (RSI) studying 70. The Transferring Common Convergence Divergence (MACD) additionally confirmed a bullish crossover final week.
If BTC continues its rally, it may surge in direction of the subsequent key psychological stage at $130,000. Nonetheless, it wants to beat its all-time excessive of $125k earlier than it may rally greater.
If the bulls fail to push BTC greater, the coin may face a correction and retest the assist at $119k. The subsequent main assist stage at $117k may function a powerful base for the bulls within the close to time period.
