Bitcoin’s price has retested $94,000 this week amidst a bullish trend, contributing to a $2.9 trillion crypto market. With increasing demand for Bitcoin ETFs and significant inflows hitting the market, experts speculate that BTC could be poised for a move towards $100,000, depending on market dynamics.
Bitcoin’s price is making waves again, retesting the $94,000 mark earlier this week. This resurgence comes as the overall cryptocurrency market has hit a significant milestone, achieving a total valuation of $2.9 trillion with an intraday trading volume of $499.39 billion. Factors such as increased inflows of digital assets and lowered funding rates appear to be driving this shift, along with a notable uptick in on-chain statistics linked to Bitcoin ETFs.
The demand for Bitcoin ETFs is noticeably increasing after a period of negative outflow. Recent reports indicate that while one ETF reported negative flow, five others enjoyed positive inflow. Particularly, BlackRock’s ETF saw a strong inflow of around $643.2 million, leading the charge, while Ark’s ETF followed closely at $129.5 million. Overall, the day wrapped up with a net flow of +$917 million, marking the fourth straight day of positive inflow.
As for Bitcoin’s price this week, it has not only retested the $94,000 threshold, but it’s the first time it’s reached this high since early March. The trading volume noted was around $30.77 billion, which represents a 40.87% change. Currently, Bitcoin boasts a market cap of $1.85 trillion and a market dominance level of 63.52%. The moving averages for 20 and 50 days have shown bullish convergence, while the 200-day moving average seems to be providing robust support.
Regarding future price predictions, if the momentum persists, Bitcoin might well approach its resistance level of $95,000, and surpassing that could see it reach the long-anticipated $100,000 milestone. Conversely, if bearish forces reassert themselves, BTC may slide down to its support level of $91,500. Should bulls fail to reclaim control there, a more significant drop to around $87,000 could occur relatively swiftly.
