Bitcoin (BTC) Hits New High at $108,353
Bitcoin (BTC) attracted attention by reaching an all-time high of $108,353. While the accelerated rise in the period before the Fed's interest rate decision excited investors, it should not be forgotten that double-digit pullbacks can occur after such rapid increases.
Bitcoin has been steadily moving higher. Today, it reached a significant milestone by breaking $108,000. Experts were talking about targeting $110,000 by the end of the year, but looking at the current rally, it seems possible to go far beyond that level.
Ahead of tomorrow’s Fed interest rate decision, the Bitcoin price continues to rise rapidly. At the time of writing, BTC continues to rise above $108,250 and the target is $110,000. However, it is also emphasized that investors should not forget that such rapid increases are often followed by liquidity-hunting declines.
Bitcoin has managed to hold the $104,000 level as a strong support, while the bulls seem to be solidifying their faith in bigger highs by breaking above the $102,500 level. While QCP Capital states that it does not expect a major rally by the end of the year, the current market outlook suggests that Bitcoin could reach a new cycle high between $110,000 and $120,000.
In the last 24 hours, $159 million worth of short positions were liquidated, bringing total liquidations to $314 million. Ethereum (ETH) is yet to seek a new high above the $4,000 level, which is promising for altcoin investors.
While open interest in futures increased by 3%, trading volume in spot markets increased by 15%, exceeding $200 billion. These developments indicate an increase in market liquidity and increasing interest from investors.