The post Will Bitcoin Price Hit Fresh All-Time High Today? Key Factors To Watch appeared on BitcoinEthereumNews.com.

Bitcoin price is up 4% in the last 24 hours moving back above $106,000 as the broader market euphoria revives following Donald Trump’s inauguration and a large number of ETF filings. As BTC attempts a breakout from the $101-$106K range high, analysts are hopeful of a new all-time high coming soon. Furthermore, on-chain data shows strong whale accumulation and network activity. Bitcoin Price Eyes New All-Time High This week has been volatile for Bitcoin as the BTC price swung from the weekly lows of $96,703 all the way to its all-time high of $109,114. With today’s gains, Bitcoin price is making yet another attempt to hit fresh highs, as market leaders like MicroStrategy continue to accumulate. Bitcoin is consolidating within the $101K-$106K range as it prepares for a potential breakout, according to insights from analyst Rekt Capital. Source: Rekt Capital As per the above image, the confluent support zone, identified as a critical level for BTC, has provided a floor for the cryptocurrency to stabilize and gain momentum. As of now, Bitcoin price is challenging the upper limit of the range at $106K, signaling a possible move toward new all-time highs. Rekt Capital highlighted the importance of a daily close above the $106K resistance, followed by a post-breakout retest, as key indicators of a historic rally. Another Bitcoin model also predicts that the BTC bull run is just half complete at the moment. Key On-Chain Indicators To Support the BTC Rally The recent Bitcoin rally comes along with strong whale accumulation as well as a surge in network activity. Prominent crypto analyst Ali Martinez reports that Bitcoin whales have acquired more than 22,000 BTC, valued at over $2.24 billion, recently. Source: Ali Martinez Furthermore, the analyst also highlighted a notable uptick in Bitcoin network activity. Key metrics, including daily active…

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Filed under: News - @ January 22, 2025 5:20 pm