In an unexpected turn amidst a market slump, Bitcoin has surged to a new all-time high of $109,350 during early Monday trading. This impressive rally defies the broader market trend, which has experienced decline over the past 24 hours.
Currently, Bitcoin holds strong, trading at $107,422. With continued buying interest, the cryptocurrency might resume its ascent in the near future.
Analysis of the BTC/USD one-day chart reveals consistent demand for Bitcoin, even as the market overall shows signs of weakness. The Balance of Power (BoP) indicator stands at an upward trajectory of 0.75, signifying a bullish sentiment toward Bitcoin.
BoP serves as a momentum gauge, highlighting the balance between buying and selling forces. A positive BoP, as seen with Bitcoin, indicates buyers are in control, pushing prices higher as demand surpasses supply.
Notably, Bitcoin's spot inflows have peaked to a 30-day high, corroborating the increased demand for this cryptocurrency. Coinglass reports these inflows amount to $316 million at present.
Rising spot inflows often suggest heightened buying activity and interest, potentially lifting Bitcoin's price if the supply remains restricted.
If the current buying momentum persists, Bitcoin could pursue a new all-time high. The target would be reaching the coveted $110,000 level, possibly even exceeding it. Conversely, should selling pressure increase, this upbeat forecast would be challenged. Under such circumstances, Bitcoin’s value might dip below the $100,000 threshold, trading around $99,800.