Key Takeaways:
- Bitcoin reaches $105,680 intraday high, up 2.5% against USD
- $27 million in bearish positions liquidated as bulls dominate
- Currently trading at $105,385, down 3.87% from ATH of $109,356
Bitcoin’s relentless bull run continues to gather momentum as the flagship cryptocurrency surged to an impressive intraday high of $105,680, marking a 2.5% gain against the US dollar. This latest price action has triggered a significant liquidation event, wiping out $27 million in bearish positions and reinforcing the market’s bullish sentiment.
As noted in our recent analysis showing Bitcoin’s clear path to $115K, the current market structure supports further upside potential. The digital asset is currently trading at $105,385, maintaining strong momentum despite a modest 3.87% retracement from its all-time high of $109,356 established on January 20, 2025.
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Market Dynamics and Trading Volume
The current trading session has witnessed remarkable vigor, with approximately $19 billion in BTC trading volume recorded across major exchanges. This surge in activity coincides with significant Bitcoin ETF inflows, suggesting sustained institutional interest in the asset.
Technical Analysis
Key resistance levels now lie at $107,500 and $109,000, while support has formed at $103,500 and $101,800. The RSI indicates room for further upside, though traders should remain vigilant for potential short-term consolidation.
FAQ Section
Q: What caused the recent surge in Bitcoin price?
A: The combination of strong ETF inflows, significant short position liquidations, and overall bullish market sentiment has contributed to the recent price appreciation.
Q: Is Bitcoin likely to reach new all-time highs soon?
A: Technical indicators and market momentum suggest potential for new highs, with several analysts targeting the $115,000-$120,000 range in the near term.
Q: What are the key support levels to watch?
A: Critical support levels are established at $103,500 and $101,800, with the $90,000 level remaining crucial for maintaining the broader bull run.
