Bitcoin has surged past $97,000, recovering from earlier losses. Strong indicators suggest upward momentum with targets hitting $107K and beyond. US-China trade talks support market optimism, while institutional interest continues to rise, contributing to the bullish trend.
Bitcoin (BTC) has crossed the $97,000 mark, recovering impressively after April’s bearish dip. This surge indicates that the cryptocurrency is breaking through significant resistance levels at $93,100 and $95,300, with many analysts now setting their sights on potential targets that could push BTC above the $100,000 thresholds.
The boost in Bitcoin’s price correlates with recent optimism surrounding trade negotiations between the U.S. and China. Chinese state media reports that the U.S. is actively reaching out to China to discuss tariff issues, which is a marked change from the hawkish tones that had weighed down the digital asset’s price earlier in the year.
On-chain metrics suggest a positive outlook for Bitcoin’s trajectory. The MVRV (Market Value to Realized Value) Bands show a bounce from the 1.74 level, reaching 2.14 pounds as of the latest data. This pattern closely mirrors when Bitcoin recovered in late summer last year after a previous downturn.
Market structure analysis echoes this bullish sentiment, as the percent supply in profit oscillator has bounched back from its long-term average of 74.8%, hitting 87% for its 7-day moving average. Flowdesk shared insights about the growing momentum in the crypto sector, highlighting increasing liquidity and active market behaviours, which could indicate more significant gains ahead.
Looking closer at the market dynamics, the 6-month liquidation heatmap indicates limited pockets of liquidity beneath the current price levels, with only major support at $83,000 and $74,100. On the upside, crucial levels are marked at $100,000, $106,800, and $110,200. The action above $96,600, following a breakout from a short-range formation, suggests a healthy trading environment.
Institutional investment in Bitcoin appears to be gaining momentum as well, with Michael Saylor’s Initiative reportedly securing $21 billion for Bitcoin acquisitions. Presto Research suggests that the increased sophistication of institutional strategies is leading to higher investments.
The overall cryptocurrency market looks robust, with Bitcoin ETF inflows totalling an impressive $1.5 billion. Other cryptocurrencies like Dogecoin are joining the rally, enjoying a 4% boost in just 24 hours. Cardano, XRP, Ether, and BNB are also on the rise, reflecting a general uptick across the sector.
Abundant positive on-chain indicators lead some analysts, including Willy Woo, to suggest that Bitcoin could soon exceed $100,000 again, possibly nudging towards $108,000 in the near term. With a strong bullish bias prevailing in Bitcoin’s short-term movement, targets of $107,500 and $110,000 are becoming increasingly plausible for traders to consider in the coming days.
