The pioneer cryptocurrency, BTC, continues to mark new highs during Monday’s U.S. trading hours, currently trading at $106,677. The high momentum rally is fueled by the growing institutional adoption of Bitcoin, reinforcing confidence in the digital asset as a store of value. What’s the next target for Bitcoin price?
According to CoinGecko Data, the BTC market cap currently stands at $2.11 Trillion, while the 24-hour trading volume is at $99.6 Billion.
Key Highlights:
- Three major public companies, Semler Scientific, MicroStrategy, and Riot Platforms, have recently acquired substantial BTC, highlighting institutional adoption and confidence in Bitcoin’s future growth.
- The Bitcoin price in the 4-hour chart will prolong the current recovery until the rising channel pattern is intact.
- A potential breakout from channel resistance will intensify the bullish momentum.
Bitcoin Price Eyes New High as Big Corporations Continue Buying Spree
In a significant boost for institutional Bitcoin adoption, three major public companies have announced substantial Bitcoin purchases, reinforcing confidence in the digital asset as a store of value.
Semler Scientific acquired 211 BTC worth $21.5 million, signaling its long-term commitment to Bitcoin. Meanwhile, MicroStrategy, a leader in corporate Bitcoin strategy, made headlines with a massive purchase of 15,350 BTC for approximately $1.5 billion, bringing its total holdings to an impressive 439,000 BTC valued at $27.1 billion.
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Lastly, Riot Platforms, a prominent Bitcoin mining company, revealed its purchase of 667 BTC for $67.5 million, further strengthening its position in the Bitcoin ecosystem.
Such active accumulation from whale/institution despite a new high on BTC signals strong confidence among big players in a sustained prolonged rally for the asset.
Key Level to Watch as BTC Prolongs its Price Discovery Rally
Since mid-November, the Bitcoin price has showcased a slow yet sustained rally within the formation of a rising channel pattern. In the 4-hr chart, the coin price continues to resonate within two ascending trendlines acting as dynamic resistance and support.
With an intraday gain of 2.5%, the coin price currently challenges the pattern’s overhead trendline. A potential breakout will indicate that the market buying pressure exceeds the range bound of the channel pattern.
According to traditional pivot levels, the market buyers could face significant resistance at $112,000, $120,000, and $126,00.
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On the contrary note, a reversal from the overhead trendline will trigger a short pullback to the channel’s base support. A correction in Bitcoin price could occur after a breakdown below the bottom trendline.
Also Read: Coinbase Hit with $1 Billion Lawsuit Over Wrapped Bitcoin
