Bitcoin (BTC) hit an intraday high of $110,561.42 before settling at $109,719.92, recording a 3.93% gain in the past 24 hours. This rise pushed its market cap to $2.18 trillion, while trading volume soared 52.33% to $58.11 billion, bringing the market cap-to-volume ratio to 2.33%. Both circulating and total supply remain at 19.87 million BTC, approaching the 21 million cap. The fully diluted valuation now sits at $2.3 trillion.
Bitcoin’s Realised Cap has hit a record high of $934.88 billion, signaling a growing institutional adoption of the cryptocurrency. This key metric, which measures the total value of all Bitcoin at the price they were last transacted, underscores increasing confidence from corporate and institutional investors. Companies like Metaplanet, The Blockchain Group, and Norwegian Block Exchange are adopting strategies similar to MicroStrategy’s, where Bitcoin is used as a key reserve asset.
Bernstein analysts predict that such institutional strategies could drive an additional $330 billion into Bitcoin markets over the next five years, further solidifying its role as a mainstream financial asset. Adding to the momentum, BlackRock’s iShares Bitcoin Trust (IBIT ETF) has achieved a groundbreaking milestone, surpassing $70 billion in assets under management in just 341 days. This makes it the fastest fund in history to reach this level, outperforming the previous record set by a gold ETF.
Bitcoin Poised for Major Breakout
The Bitcoin (BTC) chart indicates key market conditions. The RSI is currently at 60.18, above its average of 54.11, signaling growing buying momentum. If it rises past 70, BTC could enter overbought territory, potentially prompting short-term profit-taking. Meanwhile, the CMF remains positive at 0.05, reflecting steady capital inflows and reinforcing bullish sentiment.
Support is currently established around $106,000, acting as a crucial price level where buyers have previously stepped in to prevent further declines. On the other hand, resistance is positioned at $110,600, a key level where sellers have historically emerged to cap price gains.
If bulls manage to push and sustain the price above this resistance level, it could signal increased buying momentum, potentially driving the price toward the next target of $115,000 in the short term. However, if the price fails to hold above $106,000 support and dips below this level, it could lead to a deeper correction, with the asset potentially retreating to test the $103,000 region, a previously tested support zone.
The moving averages indicate a potential bullish crossover, with the short-term average starting to trend upward. This aligns with the rising RSI and CMF, signaling the possibility of a strong directional move upon confirmation. If the current volume holds, the breakout could accelerate further.
Also Read: Ripple (XRP): 3 Smart Moves to Make Before XRP Hits $5
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
