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 increased 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 achieve 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 the USA recorded an influx of over $3 billion. The surge in inflows for spot Bitcoin ETFs might be attributed to the continued shutdown of the USA authorities.
The shutdown has seen buyers 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 price choice to return later this month, analysts are optimistic that Bitcoin will hit the $130k mark over the following few days or even weeks.
BTC eyes $130k as bullish pattern grows stronger
The BTC/USD 4-hour chart is bullish and environment friendly as Bitcoin has carried out excellently over the previous couple of days. The bullish pattern may see Bitcoin rally increased within the close to time period.
The momentum indicators are at present bullish, with the Relative Energy Index (RSI) studying 70. The Shifting Common Convergence Divergence (MACD) additionally confirmed a bullish crossover final week.
If BTC continues its rally, it may surge in the direction of the following key psychological degree at $130,000. Nonetheless, it wants to beat its all-time excessive of $125k earlier than it will possibly rally increased.
If the bulls fail to push BTC increased, the coin may face a correction and retest the help at $119k. The following main help degree at $117k may function a powerful base for the bulls within the close to time period.