With a daily increase of about 1%, the price of Bitcoin has reached a new all-time high (ATH) of $94,002.87 during the early trading hours in Asia. Subsequently, the Bitcoin ETF has seen significant inflows in the past 24 hours.
Will the increasing bullish sentiment push this star cryptocurrency to the $100,000 mark this month? Or will it enter a period of price consolidation for a short time? Scroll down because you are just minutes away from finding the answer!
BTC price hits a new high during the early trading session in Asia!
The price of Bitcoin continues to maintain a bullish trend as it increases by 6.79% in the past 7 days and 34.63% in the last 30 days. Furthermore, with MicroStrategy continuing to buy Bitcoin, institutional buying activity is becoming more optimistic about the Bitcoin strategy every day.
The simple moving average (SMA) has continuously supported the Bitcoin price chart this month. This indicates a strong bullish sentiment towards the cryptocurrency token in the market.
The RSI indicator continues to hover above the overbought range in the daily timeframe. However, its average trendline records a high probability of a bearish convergence, indicating mixed price sentiment.
Will BTC price reach $100,000 this week?
If the bullish sentiment is maintained, Bitcoin will surpass the $94,000 mark and test the $95,000 level. Maintaining a price above that could set the stage for a price target of $100,000 in the near future.
Conversely, if a downward trend reversal occurs, BTC price will retest the support level of $90,000. Furthermore, if bearish sentiment intensifies, this could pull the price back to a lower support level of $80,000 this year.
