- Bitcoin surged past $100K this week, fueled by strong spot ETF inflows of over $1 billion.
- With Bitcoin nearing its all-time high, key support is now eyed around the $100,000 level.
- Ether experienced a dramatic price jump, breaking $2,600 and targeting $3,000.
Bitcoin has decisively reclaimed ground above the psychologically crucial $100,000 mark this week, signaling a resurgence of bullish momentum in the cryptocurrency market.
Supported by substantial inflows into spot Bitcoin ETFs, particularly BlackRock’s IBIT fund, buyers are now attempting to consolidate these gains and potentially push towards new all-time highs.
This renewed strength in the market leader is also igniting interest in several altcoins, prompting discussions about the potential onset of an “altseason.”
The past week saw Bitcoin climb over 10%, with buyers successfully pushing the price through significant resistance levels.
This rally has been notably backed by consistent institutional demand, exemplified by BlackRock’s IBIT spot Bitcoin ETF extending its inflow streak to 19 days, attracting $1.03 billion in the latest trading week alone, according to Farside Investors data.
Technically, Bitcoin is gradually inching towards its all-time high of $109,588, indicating a measured but confident advance by the bulls who seem reluctant to book profits prematurely.
While this strong rally has pushed the Relative Strength Index (RSI) into overbought territory – often a precursor to a short-term correction or consolidation – any pullback is anticipated to find robust support between the $100,000 level and the 20-day exponential moving average (EMA), currently around $96,626.
A successful rebound from this support zone would significantly increase the probability of a breakout above $109,588, potentially targeting $130,000.
However, bears still have a window to regain control.
A swift and decisive break below the 20-day EMA could trigger a sharper decline towards the 50-day simple moving average (SMA) near $88,962.
On shorter timeframes, strong selling pressure is expected in the $107,000 to $109,588 zone.
A successful defense of the 4-hour 20-EMA on any dip would signal continued bullish strength, while a break below $100,000 could open the door for a deeper correction towards $93,000…