Will BTC break $109k and hit a new all-time high?

the Bitcoin price It was consolidated within a pre-defined range since the token faced rejection from levels above $109K. After recording huge bullish candles, it appears that buyers are exhausted or may be waiting for the token to reach a certain range. Meanwhile, the token successfully defended support at $103,485, despite rising upward pressure, indicating that bulls remain alert as they appear optimistic about the upcoming BTC price rally.

Institutions are constantly buying Bitcoin as picture boxes It saw over $500 million in inflows during the last reading day, maintaining a 7-day positive flow streak. With this, the total assets of the SPOT SPOT ETF reached more than $123 billion. Interestingly, the volume of Blackrock’s Bitcoin ETF exceeded $1 billion in the first two hours of trading, arousing high interest among market participants.

On the other hand, long-term holders have liquidated a massive amount of BTC, raising concerns about the upcoming action. However, the token is still rising because higer targets are still active in hopes of obtaining new ATH.

BTC price is displaying tremendous strength since the beginning of the second week, which hints at the increasing strength of the bulls. Meanwhile, huge wicks formed above and below the candles indicate that both bulls and bears are very vigilant and applying pressure at frequent intervals. This indicates that the price may continue to remain within an upward consolidation until the end of the month and attract noticeable volume on the platform.

Looking at the technicals, the CMF is sinking, hinting towards increasing weakness within the markets. Moreover, DMI levels have also reached a minimum, along with ADX, with fewer chances of a bullish divergence. A bearish reversal can be observed using the RSI and MACD displaying a decline in buying pressure with the possibility of a bearish crossover in the coming days. Therefore, it is believed that Bitcoin price is testing the support at $102.5 and starting a strong rally in the final resistance zone between $106,013 and $107,419.

A break of these levels may only pave the way for a new ATH; At the same time, it can require a massive influx of purchasing volume.

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