The weekly trade began with a huge bullish push, which uplifted the Bitcoin price above the horizontal consolidation. Meanwhile, the latest push suggests the market participants have become extremely bullish on Bitcoin, activating the target for the week at $100K.
Why is the Bitcoin Price Rising?
The Bitcoin bull run seems to have intensified as prices surged past $93,000 before the previous day’s close. Multiple reasons have triggered the rise, including the easing of the trade war between the US and China, Paul Atkins becoming the new SEC chair, and President Trump clarifying that Jerome Powell will remain the Fed Chair. These reasons could have triggered a strong upswing in the BTC price, due to which Bitcoin has now become the fifth-largest asset, surpassing Google.
The Global M2 supply has hit a new ATH, and as BTC price closely follows the M2 supply, a new ATH seems to be on the horizon. The growing certainty has also increased the optimism among the institutions, as the Bitcoin ETFS recorded their largest daily inflow in the past 3 months yesterday. The crypto markets, specifically Bitcoin, decoupling with US stocks and catching up with Gold, could be the main reason behind the institutional accumulation.
How High Can Bitcoin (BTC) Price Go?
The Bitcoin price has been maintaining a strong ascending trend regardless of the bearish influence on the token. The price has risen above a crucial resistance level, which has validated a flip from the bearish captivity. However, the technicals are yet to turn bullish, hinting towards a potential bull run on the cards.
The price surged above $88,500, and a daily close above this level suggested the beginning of a fresh bull run. The MACD levels are about to undergo a bullish crossover while the CMF is trying for a bullish divergence and rise from 0. This suggests the money inflow is slowly growing, which could positively impact the BTC price in the coming days.
