Bitcoin Smashes Through $100K Barrier as ETF Cash Firehose Keeps Flowing

Wall Street’s latest gold rush—crypto ETFs—keeps pumping rocketship fuel into Bitcoin’s bull run. The digital asset now trades firmly above the psychological six-figure mark, defying skeptics who called this a ’greater fool’ bubble just months ago.

Institutional money floods in while retail traders scramble for scraps. Same old story—just with fancier blockchain wrapping.

BTC Token On-chain Records Increased Volatility

As per the latest on-chain data, Bitcoin whales have booked profits by selling over 30,000 Bitcoins in just 3 days. This highlights an increase in the profit-booking for the largest token in the market. Further, it suggests a crucial watch period for it in the cryptocurrency market.

#Bitcoin whales have booked profits, selling over 30,000 $BTC in the last 72 hours! pic.twitter.com/TVDplzEJLF

On the other hand, the bitcoin heat map raises concern about the short-term price prospects. As per the data of CoinGlass, the BTC token is on the verge of experiencing a significant liquidation once it reclaims the $105,000 mark this month.

$23.65 million will be liquidated in short positions if #Bitcoin $BTC jumps back above $105,000! pic.twitter.com/2prSScDwGS

Bitcoin Price Prediction For This Month

Bitcoin price today has maintained a stable price action by recording a variation of less than 1%. Notably, the largest crypto project has displayed a trading volume of $46.23 billion. Moreover, with a market capitalization of $2.065 trillion, it has a market dominance of 62.043%.

The Moving Average Convergence Divergence (MACD) records a constant decline in the green histogram in the daily time frame. Moreover, its averages 12 & 26-day displays a high possibility of a bearish convergence, suggesting a negative outlook for the star crypto in the market.

Furthermore, the SMA indicator has acted as a strong support to the price chart. This highlights that the largest crypto token may continue gaining momentum in the upcoming time.

Will Bitcoin Price Surge Higher?

If the bullish sentiment sustains, this could result in the price of Bitcoin retesting its immediate resistance level of $105,000 this weekend. Furthermore, if the bullish action intensifies, the BTC price could prepare to retest its ATH of $109,114 in the upcoming time.

Conversely, if the bears outrun the bulls, the bitcoin price could drop toward its immediate support level of $100,000. Moreover, if the bulls fail to regain momentum at that point, the largest crypto token could plunge toward its important support level of $98,000 this month.

Also Read: You Only Need $8B to 51% Attack Bitcoin: Fact Check