Bitcoin crossed this Wednesday the symbolic bar of $ 107,500, bordering on its historic record just 2% from the summit. Despite a withdrawal at $ 106,200, the queen of the cryptos still displays brilliant health. This remarkable performance remains carried by the massive influx of institutional capital and a globally euphoric market feeling. Will the psychological threshold of $ 110,000 be crossed this week?
In short
- Bitcoin is exchanged at $ 107,647, up 1.3 %, just 2 % of its historic high.
- The American Bitcoin ETF records net entries for the fifth consecutive day.
- Ethereum is maintained at $ 2,589, up 0.9 %, after an increase of almost 60 % last month.
Institutional dynamics propels bitcoin to new heights
Bitcoin has been soaring for several weeks and has touched its highest level on Wednesday since January. This impressive increase is explained by two key factors.
First, the traders are massively bet on the continuation of this trend. Positions on Bitcoin term contracts increased by 10.65 %, reaching 74.35 billion dollars. The Binance platform alone represents $ 12.28 billion in these positions.
Then, major institutional investors strengthen their presence. The American Bitcoin ETF attracted $ 41.7 million on Tuesday, marking five consecutive days of positive entries. Over the week of May 13 to 17, it was even 603 million dollars that flocked to these investment products.
Sathvik Vishwanath, CEO of UNOCOIN, offers a clear reading of the situation:
Bitcoin stabilizes around $ 107,000, with a solid floor at $ 98,000 and a ceiling to be crossed at $ 109,500. Once this barrier has been overwhelmed, we could target $ 112,000.
THE data Blockchain confirm this optimistic analysis: large investors continue to buy and accumulate bitcoin, while market indicators suggest a bullish trend that should continue, even if it advances at a cautious pace.
The Altcoin market benefits the momentum of the BTC
Ethereum, a second world crypto, shone last month with an increase of almost 60 %, clearly surpassing bitcoin.
Today at $ 2,500, it is at a key level according to Riya Sehgal, analyst at Delta Exchange. Despite the long -term positive signals, recent sales sales could temporarily slow down its progression.
The other cryptos also display gains: BNB (+1.4 %), Dogecoin (+2.4 %), Cardano (+2 %), and others like Solana, Avalanche, Stellar and Shiba Inu who increased by around 1 %each. The whole market goes up.
Bitcoin still largely dominates this market with a total value of $ 2,123 billion, representing 62.9 % of all cryptos. However, a point deserves attention: daily trade volumes fell by 10 %, falling to $ 51.19 billion. This could indicate that the activity slows down despite the prices.
The next major objective for Bitcoin is now the $ 110,000, despite the slight withdrawal at $ 106,200. With the continuous support of major investors and the growing enthusiasm of the public, the first crypto could soon reach this new historic summit.
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